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Weekly Market Preview
Friday, Nov 03, 2023
The central bank decisions from last week unfolded as anticipated, with the Federal Reserve keeping interest rates steady at 5.5%, followed by the Bank of England, which maintained British interest rates at 5.25%. Monetary policymakers, however, left open the possibility of hiking interest rates, depending on the performance of inflation levels and the labour market.
Nonetheless, the markets are leaning toward that the central banks of major economies, such as the United States, Europe, and the UK, have reached their peak interest rates. The question now revolves around which central bank will start cutting interest rates and in which meeting during 2024. Many speculate that the European Central Bank might be the first to do so, potentially in the April 2024 meeting. This could be followed by the Federal Reserve and the Bank of Canada in July.
This week, investors will be closely monitoring speeches by the heads of central banks in the United States, Europe, and the UK. They’re eager to gain insights into these banks’ monetary policy direction for the coming year, particularly concerning potential interest rate cuts in 2024. This will provide an indication of whether the central banks’ expectations align with the market’s predictions regarding interest rate reductions in the upcoming year.
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