Welcome to the Extreme Investor Network blog, where we bring you the latest updates and insights into the world of the stock market, trading, and all things Wall Street. Today, we have some fascinating developments to share with you.
Let’s start with the news of economic growth being revised downward in the first quarter of 2024. The U.S. economy grew at a slower pace than initially estimated, with an annualized GDP growth rate of 1.3%, down from the initial 1.6% estimate. This revision was primarily driven by lower consumer spending figures, reflecting recent soft retail sales and equipment spending data. As a result, expectations for Federal Reserve interest rate cuts have been tempered.
In the realm of treasury yields and dollar movements, a two-day surge in long-term Treasury yields above 4.6% briefly boosted the dollar, with the DXY reaching 105.18 before dropping to 104.71. The dollar also experienced fluctuations against the Japanese yen and euro, with potential concerns over Japanese intervention as the yen approached a critical level. Meanwhile, traders are closely monitoring inflation data, particularly Friday’s release of the Personal Consumption Expenditures (PCE) price index, to glean insights into future monetary policy decisions.
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