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Weekly Market Preview
Friday, 13th of September 2024
Markets are awaiting the Federal Reserve’s interest rate decision this week, with expectations of a 25-basis point rate cut. This comes after a slight increase in the US core consumer price index in August, which raises the likelihood of a 25-basis point cut rather than 50. The cut follows a notable decline in the US labour market’s strength, prompting criticism of the Federal Reserve’s delay in returning interest rates to neutral levels that neither hinder nor stimulate economic growth. The Fed will also release forecasts for inflation, growth, and unemployment for this year and next, along with the FOMC dot plot showing its members’ views on short- and long-term interest rates.
Investors are also closely watching the Bank of England’s interest rate decision this week, with expectations to maintain rates steady at 5.00%. This follows a 25-basis point cut in the previous meeting, decided by a narrow majority (5 votes for a cut vs. 4 to keep rates unchanged). It will be crucial for investors to monitor the Bank’s decision and the voting pattern of the Monetary Policy Committee members.
Additionally, the Bank of Japan is expected to maintain its 0.25% rate when it announces its decision later in the week. The Bank of Japan’s previous hints at potential rate hikes significantly impacted global stock indices last August, alongside increasing US recession risks, as rising Japanese rates could end the practice of borrowing at low rates from Japanese banks to invest in higher-yield assets abroad, particularly in the US.
Monday, 16th of September
Tuesday, 17th of September
Wednesday, 18th of September
Thursday, 19th of September
Friday, 20th of September
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