© Reuters.
Investing.com – US stocks fell significantly after the opening, today, Wednesday, as markets prevailed in a state of confusion and confusion due to the statements of members during the past few hours, the most important of which was Powell’s speech yesterday, which the markets are still interacting with until now.
In this context, US stocks are witnessing noticeable declines immediately after the opening, while stability prevails over gold and dollar transactions, without any rise or fall.
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Powell’s remarks yesterday
“We expect 2023 to be a year of sharp decline in the inflation rate, but I think it will take more than this year for inflation to slow near the 2% target,” said Fed Chairman Jerome Powell.
Powell said: “The process of reducing inflation has begun in the commodity sector, which represents about a quarter of the size of our economy, but it still has a long way to go, these are the early stages.”
The Fed chairman noted that it may take until next year for inflation to reach a point the Fed finds comfortable.
Powell believes that more rate hikes are needed to calm inflation and a strong labor market, especially after the latest jobs report.
Morgan Stanley interest forecast
US investment bank Morgan Stanley revised its rate hike expectations unilaterally during its next two meetings, following the release of Governor Jerome Powell’s speech yesterday.
And the expectations of the US bank Morgan Stanley (NYSE:) revealed that it will raise the interest rate by 0.25% at the US Federal Reserve meeting next March, driven by positive US jobs data issued last Friday, followed by another increase of 25 basis points in the May meeting. final to 5.00%- 5.25%.
markets now
Wall Street at the opening
The industrial index fell 23.79 points, or 0.07 percent, to 34,132.90 points.
The index opened down 10.53 points, or 0.25 percent, to 4,153.47 points.
The Nasdaq Composite Index fell 44.67 points, or 0.37 percent, to 12,069.12.
gold now
It recorded stability during the current moments, at levels near $ 1873 an ounce.
And the futures contracts for the yellow metal also stabilized during these moments of today’s trading, at levels near $ 1884 an ounce.
dollar now
It settled at the current moments at the levels of 103.33 points.
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