{"id":655200,"date":"2024-11-14T00:00:00","date_gmt":"2024-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/14\/traders-still-see-the-fed-slashing-rates-at-next-meeting-despite-us-inflation-edging-up\/"},"modified":"2024-11-14T00:00:00","modified_gmt":"2024-11-14T00:00:00","slug":"traders-still-see-the-fed-slashing-rates-at-next-meeting-despite-us-inflation-edging-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/14\/traders-still-see-the-fed-slashing-rates-at-next-meeting-despite-us-inflation-edging-up\/","title":{"rendered":"Traders still see the Fed slashing rates at next meeting despite US inflation edging up"},"content":{"rendered":"

US inflation data shows the US moving further away from the Fed\u2019s 2% target as Trump<\/strong> prepares to re-enter the Oval Office:<\/strong> US inflation saw a slight increase in October to 2.6%, in line with expectations and 0.2 percentage points above the 2.4% recorded in September, according to the US Bureau of Labor Statistics<\/a>. Core inflation, which excludes food and energy, remained steady at 3.3% but showed a third consecutive monthly increase of 0.3%, signaling persistent underlying price pressures. October\u2019s data comes at a critical point for the US economy, as the Fed weighs its next move ahead of President-elect Donald Trump taking office early next year. <\/p>\n

But traders don\u2019t see the rise in inflation hampering the Fed\u2019s road to monetary easing<\/strong>: Traders are pricing in an 80% chance of another rate cut when the Fed meets next to decide interest rates in mid-December, Bloomberg<\/a> reports. During its last meeting earlier this month, the Federal Reserve cut rates by 25<\/a>bps<\/a>, after having kicked off its easing cycle in September with a half a percentage point cut<\/a>. <\/p>\n

Some are already warning that Trump\u2019s policies could complicate the Fed\u2019s fight against <\/strong>inflation:<\/strong> Trump\u2019s reelection and his proposed policies \u2014 tariffs, tax cuts, and mass deportations \u2014 could potentially push inflation higher. Economists are concerned that such measures could fuel price pressures while adding uncertainty, making the Fed\u2019s task of achieving a \u201csoft landing\u201d even tougher. (Financial Times<\/a> | BBC<\/a> | New York Times<\/a> | Guardian<\/a>)<\/p>\n

Market reax: <\/strong>Two-year Treasury yields, which are more sensitive to Fed decisions, fell as much as 10 bps after inflation data was released. <\/p>\n

BTC HITS ANOTHER HIGH- <\/p>\n

Another day, another BTC peak: <\/strong>BTC hit a fresh high of USD 93.2k yesterday before reversing some of its gains to sit at USD 88.9k at midnight, driven by inflation concerns and a strong post-election rally. (Reuters<\/a> | Bloomberg<\/a> | CNBC<\/a>)<\/p>\n

The cryptocurrency has been on a Trump-driven rally <\/strong>since Trump was reelected to the Oval Office on 5 November. We dove deeper into the rally in a Planet Finance<\/a> published earlier this week. <\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markets are starting mostly in the green during early trading this morning<\/strong>, with Japan\u2019s Nikkei up 0.5%, followed by Korea's Kospi at 0.4% in the green, and Hong Kong\u2019s Hang Seng at 0.1%. China\u2019s Shanghai index is trading in the red at -0.1%.<\/p>\n

\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

31,433<\/p>\n<\/td>\n

\n

-0.5% (YTD: +26.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.25<\/p>\n<\/td>\n

\n

Sell 49.39<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 49.24<\/p>\n<\/td>\n

\n

Sell 49.34<\/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

11,930<\/p>\n<\/td>\n

\n

-1.0% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,372<\/p>\n<\/td>\n

\n

-0.5% (YTD: -2.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,733<\/p>\n<\/td>\n

\n

+0.7% (YTD: +16.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,985<\/p>\n<\/td>\n

\n

+0.02% (YTD: +25.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,030<\/p>\n<\/td>\n

\n

+0.1% (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

4,740<\/p>\n<\/td>\n

\n

-0.1% (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 72.28<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.98<\/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 2,586.50<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 88,897.70<\/p>\n<\/td>\n

\n

+0.7% (YTD: +110.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.5% at yesterday\u2019s close<\/strong> on turnover of EGP 3.9 bn (8.2% below the 90-day average). International investors were the sole net buyers. The index is up 26.3% YTD.<\/p>\n

In the green: <\/strong>Mopco (+2.1%), Alexandria Containers and Cargo Handling (+1.3%), and CIB (+0.6%).<\/p>\n

In the red: <\/strong>Oriental Weavers (-2.6%), Heliopolis Housing (-2.4%), and Emaar Misr (-2.3%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

Eipico shareholders will vote on the company\u2019s planned capital increase at an<\/strong> extraordinary general assembly on 14 December,<\/strong> according to an EGX disclosure (<\/a>pdf<\/a>)<\/a>. Eipico\u2019s board voted last week<\/a> to increase the company\u2019s capital to EGP 6 bn from EGP 1.5 bn and its issued and paid-up capital by EGP 200 mn to around EGP 1.7 bn, distributed over 20 mn shares at a fair value of EGP 50 per share. <\/p>\n","protected":false},"excerpt":{"rendered":"

US inflation saw a slight increase in October to 2.6%<\/p>\n","protected":false},"author":1,"featured_media":655201,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[344,72,119,182,122,388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-planet-finance","tag-us-federal-reserve","wpautop","entry"],"acf":{"mongo_id":"55c7087d-0836-464c-8c7a-a0f8436320dc","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1343.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Traders 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