{"id":638026,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/pressure-builds-on-the-fed-to-cut-rates-following-market-meltdown\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"pressure-builds-on-the-fed-to-cut-rates-following-market-meltdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/pressure-builds-on-the-fed-to-cut-rates-following-market-meltdown\/","title":{"rendered":"Pressure builds on the Fed to cut rates following market meltdown"},"content":{"rendered":"

The last couple of days have been a rollercoaster ride for market-watchers: <\/strong>After a massive stock sell-off on Monday<\/a>, markets somewhat recovered following reassuring comments<\/a> from US Federal Reserve officials and positive<\/a> US service-sector job growth data. Yet, the brief panic indicates that the market fundamentals undergirding this year's equities gains may not be entirely sound \u2014 spelling further turbulence as the Fed attempts to chart a soft landing for the US economy.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The roots of the sell-off: <\/strong>Monday\u2019s meltdown follows the buildup of a confluence of pressures<\/a> over the last few weeks, including jitteriness around the big tech stocks that have driven Wall Street to new heights; the Bank of Japan\u2019s late-July rate hikes after decades of ultra-loose monetary policy; lower-than-expected US job growth numbers for July that heightened fears of a US recession; and disappointing earnings reports from major companies like Microsoft. While Tuesday\u2019s rebound suggests that the sell-off spiral may have been somewhat of an overreaction, some of these developments point to frailties in the assumptions undergirding financial market gains \u2014 including unfettered AI euphoria, confidence in continued loose Japanese monetary policy, and a surprisingly robust<\/a> US economy.<\/p>\n

As the immediate storm dies down, all eyes are fixed squarely on the Fed. <\/strong>Monday\u2019s stock market plunge was accompanied by a surge in US government debt, with two-year treasury yields falling below those of the ten-year notes<\/a> for the first time in two years. This phenomenon, known as yield curve desinversion, has preceded the last four US recessions, and has heightened fears that the Fed\u2019s decision to put off rate cuts at its last meeting has tipped the US economy into recession. Markets, which last week began pricing in a hefty 50 bps rate cut in September, are now beginning to think that the Fed will move even quicker to cut rates \u2014 possibly before the central bank\u2019s next meeting in mid-September. <\/p>\n

A rate cut before mid-September would be a highly unusual move from the Fed<\/strong>, which largely refrains from making cuts between meetings unless the US economy is rapidly deteriorating. But even without an unscheduled meeting and an early cut, this recent episode is sure to have caught the Fed\u2019s attention, chief US economist at GlobalData TS Lombard Steven Blitz tells the Wall Str<\/a>eet Journal<\/a>. \u201cThe markets are speaking to the Fed. They\u2019re telling the Fed, \u2018You\u2019re too tight, and no, you can\u2019t presume that everything is going to roll along merrily while you take the time to cut.\u2019\u201d<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mostly in the green <\/strong>in early trading this morning, with the Nikkei and Kospi the biggest gainers, up 3.4% and 2.4%, respectively.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,210<\/p>\n<\/td>\n

\n

+1.3% (YTD: +13.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.15<\/p>\n<\/td>\n

\n

Sell 49.28<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.15<\/p>\n<\/td>\n

\n

Sell 49.25<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,679<\/p>\n<\/td>\n

\n

+1.5% (YTD: -2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,084<\/p>\n<\/td>\n

\n

+1.2% (YTD: -5.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,137<\/p>\n<\/td>\n

\n

+2.3% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,240<\/p>\n<\/td>\n

\n

+1.0% (YTD: +9.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,027<\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,575<\/p>\n<\/td>\n

\n

+0.1% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 76.48<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.02<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,429<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 55,934<\/p>\n<\/td>\n

\n

+3.7% (YTD: +32.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 2.6 bn (26.3% below the 90-day average). Local investors were net sellers. The index is up 13.3% YTD.<\/p>\n

In the green: <\/strong>Juhayna (+8.2%), Amoc (+7.5%), and Madinet Masr (+3.5%).<\/p>\n

In the red: <\/strong>Fawry (-1.0%) and Abu Qir Fertilizers (-0.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The last couple of days have been a rollercoaster ride for market-watchers: After a massive stock sell-off on Monday, markets somewhat recovered following reassuring comments from US Federal Reserve officials and positive US service-sector job growth data. Yet, the brief panic indicates that the market fundamentals undergirding this year's equities gains may not be entirely […]<\/p>\n","protected":false},"author":1,"featured_media":638027,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122,8734,897],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-us-federal-reserves","tag-wall-street","wpautop","entry"],"acf":{"mongo_id":"614daee7-cdb4-4e78-8a82-c5a29fb596d9","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/532.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Pressure builds on the Fed to cut rates following market meltdown","related_issue":[638005],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.8b82ba5e-09b5-45bf-9d1a-d96f1dc3b8cc.mp3"},"yoast_head":"\nPressure builds on the Fed to cut rates following market meltdown - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/pressure-builds-on-the-fed-to-cut-rates-following-market-meltdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pressure builds on the Fed to cut rates following market meltdown\" \/>\n<meta property=\"og:description\" content=\"The last couple of days have been a rollercoaster ride for market-watchers: After a massive stock sell-off on Monday, markets somewhat recovered following reassuring comments from US Federal Reserve officials and positive US service-sector job growth data. 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Foreign investors were net sellers. The index is up 6.3% YTD.In the green: Dice (+6%), Pioneers (+4.1%) and Juhayna (+3.9%).In the red: Orascom Development Egypt (-3%), Oriential Weavers (-1.2%) and Madinet Nasr Housing (-1.2%).Asian\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555768,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/the-emerging-market-bears-are-massing\/","url_meta":{"origin":638026,"position":1},"title":"The emerging-market bears are massing","author":"enterpriseam admin","date":"25 November 2021","format":false,"excerpt":"A quarter of investors surveyed by HSBC are bearish about investing in emerging markets, thanks to slowing economic growth and imminent monetary tightening by the US Federal Reserve, according to Reuters. Sentiment is low compared to an earlier survey, which found that only 10 investors were bearish about EMs. The\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548571,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/14\/forget-the-fed-whats-going-on-in-emerging-markets-could-be-more-important-for-some-bond-investors\/","url_meta":{"origin":638026,"position":2},"title":"Forget the Fed: What\u2019s going on in emerging markets could be more important for some bond investors","author":"enterpriseam admin","date":"14 August 2022","format":false,"excerpt":"Not all eyes are trained exclusively on the Fed\u2019s next move \u2014 bond investors are worried about a potential wave of defaults, writes the Financial Times\u2019 markets editor Katie Martin. Market watchers could be paying too much attention to whether or not the US Federal Reserve will continue to raise\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562543,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/27\/msci-em-currency-index-soars\/","url_meta":{"origin":638026,"position":3},"title":"MSCI EM currency index soars","author":"enterpriseam admin","date":"27 May 2021","format":false,"excerpt":"MSCI\u2019s emerging market currency index soared to a new record high yesterday as investors turned to EMs following the US Federal Reserve\u2019s announcement of its plans to keep interest rates low and maintain its stimulus program, despite inflationary pressures, Reutersreports. The USD dropped to its lowest level since January, while\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562805,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/what-the-markets-are-doing-on-7-june-2021\/","url_meta":{"origin":638026,"position":4},"title":"What the markets are doing on 7 June 2021","author":"enterpriseam admin","date":"7 June 2021","format":false,"excerpt":"Some foreign investors are starting to reposition their EM portfolios in anticipation of an end to US stimulus measures. Some emerging-market investors are trying to reduce their exposure to a rise in US interest rates as speculation builds that the Federal Reserve may begin tapering its bond-buying programme, Bloomberg reports.\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561521,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/what-the-markets-are-doing-on-11-april-2021\/","url_meta":{"origin":638026,"position":5},"title":"What the markets are doing on 11 April 2021","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"Alibaba just got slapped with China\u2019s largest antitrust penalty, with Chinese regulators imposing a USD 2.8 bn fine on the e-commerce group. 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