Bank of America Market Strategist Says ‘Summer Rally Is Over’ as Crypto and Stocks Slide Ahead of Fed Rate Hike This Week
Digital currency markets, precious metals, and stocks dropped another leg down on Monday following the drop markets saw last Tuesday. Last week’s fall was one of the worst weeks in more than three months as market strategists believe a sizable Fed rate hike is coming this week. Bank of America’s analysts led by Savita Subramanian believes the U.S. Federal Reserve “has more work to do,” and an aggressive central bank may be “anathema for stocks that have benefited from low rates and disinflation.
Crypto, Precious Metals, Equities Show Volatility Ahead of Fed Rate Hike — Pseudonymous Analyst Plan B Says Bitcoin and the S&P 500 Are Correlated but Are ‘Completely Different Worlds’ A hawkish Fed may be like repellent or kryptonite to assets that profited from easier monetary policy and stimulus, Bank of America’s market strategists led by Savita Subramanianin a note this past weekend. Global assets are having a rough start on Monday as all four major stock indexes on Wall Street started the day lower following a gruesome week of trading activity last week. By 3:00 p.m.
They're right, there's a lot of work to be done.
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