Economists now reckon the Fed rate cut to come in June: A slim majority ofeconomists — 53 out of 104 — polled by Reuters expect the US Federal Reserve to start cutting interest rates in June, with another 33 forecasting a May cut.

This is more or less in line with what the newswire’s surveys have been saying since September, projecting the Fed to ease its monetary policy around the middle of this year.

ICYMI: Fed officials have recently been doubling down on the need to see a strong indication of inflation cooling down before they deciding to start cutting rates.

EGX30

29,331

-0.4% (YTD: +17.8%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,607

+0.1% (YTD: +5.3%)

ADX

9,400

-0.1% (YTD: -1.9%)

DFM

4,277

+0.1% (YTD: +5.4%)

S&P 500

4,975.51

-0.6% (YTD: +4.3%)

FTSE 100

7,719

-0.1% (YTD: -0.2%)

Euro Stoxx 50

4,760

-0.1% (YTD: +5.3%)

Brent crude

USD 82.54

-1.2%

Natural gas (Nymex)

USD 1.58

-2.1%

Gold

USD 2,039.80

+0.8%

BTC

USD 52,162.69

+0.4% (YTD: +23.4%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 7.7 bn (95.5% above the 90-day average). Regional investors were net sellers. The index is up 17.8% YTD.

In the green: Palm Hills Development (+10.1%), Ibnsina Pharma (+6.3%), and Eipico (+2.6%).

In the red: Beltone Holding (-3.5%), GB Corp (-3.1%), and Egypt Kuwait Holding (-2.0%).

MEANWHILE- Asian markets are in early trading this morning, tracking yesterday’s decline on Wall Street as the S&P 500 and Nasdaq closed in the red, dragged down by tech stocks. Major benchmarks in Europe look set to open in the red later this morning, and futures suggest a weak open on Wall Street.

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