Wall Street indexes rose sharply on Tuesday ahead of the Federal Reserve decision, led by shares of regional banks. First Republic stock rose 29%. The Dow Jones gained 0.98%, and the Nasdaq advanced 1.58%. Banking fears keep easing, paving the way for more tightening from central banks.
US Treasury Secretary Janet Yellen said the US banking system is sound and mentioned the government is ready to take more action to help bank depositors. US yields rose sharply, with the 10-year reaching 3.60% and the 2-year 4.17%. The German 10-year yield jumped almost 8% to 2.29%. Data released in the US showed Existing Home Sales jumped 14.5% in February, above the 5% of market consensus, to a 4.58 million-unit pace, the largest monthly increase since December 2015, excluding the volatile pandemic era. The Philly Fed Non-Manufacturing dropped to -12.8 in March.
On Wednesday, the Fed is expected to raise rates by 25 bps; however, there are also calls for a no change and even for a rate cut. Analysts will watch the decision, the projections, the statement and Powell’s words closely. As a result, traders should expect high volatility during the American session. rose for the fourth consecutive day, approaching 1.0800 on Tuesday. The pair reached monthly highs before losing momentum.
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