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Markets Post FOMC + Levels for March 21st 2024

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Life After FOMC …..

by Mark O’Brien, Senior Broker



The Federal Reserve took center stage today.  With inflation proving stickier than expected, the central bank has found itself balancing between a hawkish and dovish view.  The policy-setting FOMC held interest rates steady at the 5.25%-5.50% range for the fifth straight meeting.  The bigger indicator traders were eager to see was the Fed governors’ so-called dot plot that updated their rate and economic projections – for the first time since December.  Turns out, it didn’t deviate from the three rate cuts they previously penciled in by the end of 2024.




As of this typing, the June E-mini S&P 500 is trading at new all-time highs around 5280.  As well, the June E-mini Dow Jones is trading at its own all-time highs, barely 100 points away from 40,000!




April gold is on the verge of eking out its own all-time high close above last Monday’s closing price of $2,188.60 per ounce.  It’s currently trading ±$2,191.00 per ounce


General pt. II: 


Over the weekend, Japan ended its negative interest rate policy, marking a historic shift away from an aggressive monetary easing program that was implemented years ago to fight chronic deflation.  As part of the decision, the Bank of Japan (BOJ) raised interest rates for the first time in 17 years, lifting its short-term rate to “around zero to 0.1%” from minus 0.1%.


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Daily Levels for March 21st, 2024

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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