{"id":643475,"date":"2024-09-09T00:00:00","date_gmt":"2024-09-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/"},"modified":"2024-09-09T00:00:00","modified_gmt":"2024-09-09T00:00:00","slug":"fed-officials-open-to-larger-rate-cuts-if-necessary","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/","title":{"rendered":"Fed officials \u201copen\u201d to larger rate cuts if necessary"},"content":{"rendered":"

Large rate cuts not ruled out by the Fed:<\/strong> US governor Christopher Waller and New York Fed president John Williams signaled that the Fed has not ruled out bold half-point rate cuts, the Financial Times<\/a> reports, citing statements from the officials in two separate appearances on Friday. The shift in monetary attitude comes on the back of a mixed jobs report, which signaled that the US labor market is softening alongside a fall in inflation.<\/p>\n

REMEMBER- <\/strong>The Fed is widely expected to cut interest rates later when it meets next week, with most traders already pricing in a 70% chance of a 25 bps cut in the next meeting<\/a>, and some expecting a larger one in the following meeting. <\/p>\n

Expected rate cuts would be \u201cdone carefully,\u201d <\/strong>Waller said, adding that \u201cif the data suggests the need for larger cuts, then [he] will support that.\u201d He also brushed off the jobs report as an indicator of a return to the \u201cnormal\u201d pace of growth. <\/p>\n

Wall Street reacted badly to the jobs report: <\/strong>US stocks closed lower on the news, with the S&P 500 experiencing its steepest weekly declines since early 2023, dropping 1.7%. Meanwhile, the tech-heavy Nasdaq logged its sharpest decline since January 2022, shedding 2.6%. Suspected cuts also sent down the two-year US Treasury yield to 3.66% and the 10-year yield to 3.72%.<\/p>\n

Some experts are arguing that half-point cut suspicions are an overreaction. <\/strong>\u201cThe market is overly worried about a recession, and this report shows that there is no sign of a recession. There is no need to go 50 [bps] when the unemployment rate is falling,\u201d the FT cited Apollo Global Management\u2019s chief economist Torsten Slok as saying.<\/p>\n

\n

MARKETS THIS MORNING- <\/p>\n

Asia-Pacific markets are mostly in the red<\/strong>, with Japan\u2019s Nikkei leading losses with a 3% dip this morning, followed by the Topix, which is down 2.8%, tracking Wall Street losses on Friday. Traders will now be assessing key economic figures from Japan and China due out today. Meanwhile, Wall Street futures<\/strong> opened lower this morning across the board. <\/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

30,273<\/p>\n<\/td>\n

\n

-2.4% (YTD: +21.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.33<\/p>\n<\/td>\n

\n

Sell 48.47<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.35<\/p>\n<\/td>\n

\n

Sell 48.45<\/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

11,982<\/p>\n<\/td>\n

\n

-1.0% (YTD: +0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,448<\/p>\n<\/td>\n

\n

-0.3% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,373<\/p>\n<\/td>\n

\n

+0.04% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,408<\/p>\n<\/td>\n

\n

-1.7% (YTD: +13.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,181<\/p>\n<\/td>\n

\n

-0.7% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,738<\/p>\n<\/td>\n

\n

-1.6% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 71.06<\/p>\n<\/td>\n

\n

-2.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.28<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,524.6<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 54,526.2<\/p>\n<\/td>\n

\n

+0.7% (YTD: +28.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 2.4% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (12% below the 90-day average). International investors were the sole net buyers. The index is up 21.6% YTD.<\/p>\n

In the green: <\/strong>B Investments (+4.1%), Egypt Kuwait Holding (+0.7%), and EFG Holding (+0.04%).<\/p>\n

In the red: <\/strong>Ezz Steel (-6.0%), GB Corp (-4.5%), and Fawry (-4.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cIf the data suggests the need for larger cuts, then I will support that,\u201d US governor Christopher Waller said<\/p>\n","protected":false},"author":1,"featured_media":643476,"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":[72,119,349,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-interest-rates","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"677197ae-5698-489d-bb03-1ebeeaee496d","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/565.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fed officials \u201copen\u201d to larger rate cuts if necessary","related_issue":[643453],"teaser":"\u201cIf the data suggests the need for larger cuts, then I will support that,\u201d US governor Christopher Waller said","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.115299ea-c917-4975-bce2-20a61f257ead.mp3"},"yoast_head":"\nFed officials \u201copen\u201d to larger rate cuts if necessary - 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\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed officials \u201copen\u201d to larger rate cuts if necessary\" \/>\n<meta property=\"og:description\" content=\"\u201cIf the data suggests the need for larger cuts, then I will support that,\u201d US governor Christopher Waller said\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-09T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/565.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Fed officials \u201copen\u201d to larger rate cuts if necessary\",\"datePublished\":\"2024-09-09T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/\"},\"wordCount\":445,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/565.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Financial Markets\",\"interest rates\",\"Planet Finance\",\"US Federal Reserve\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/09\/fed-officials-open-to-larger-rate-cuts-if-necessary\/\",\"name\":\"Fed officials \u201copen\u201d to larger rate cuts if necessary - 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