Cryptocurrency
Atlanta Fed President Raphael Bostic said that the Fed expects to pause interest rate cuts at the next meeting after only one interest rate cut in the third quarter.
Gold remained flat after reaching a near-record level on interest rate cut speculation. It remained stable in Asia after rising to near record highs in the previous session, driven by signs that the Fed was approaching to cut interest rates.
Bank of America also joined the institutions that recently increased their S&P 500 target. The institution increased its year-end S&P 500 target to 5 thousand 400 points.
High interest rates dragged the Swiss National Bank into a loss of $3.6 billion. The Swiss National Bank on Monday reported an annual loss of 3.2 billion Swiss francs ($3.62 billion) for 2023 as the switch to positive interest rates cost it dearly and meant it could not pay dividends for the second year in a row.
Asian markets decline as China’s ‘Two Sessions’ meeting begins; Hong Kong lost over 2 percent.
Japan’s service sector recorded growth in February.
China’s service sector growth slowed in February.
Making a statement after the cabinet, President Recep Tayyip Erdoğan stated that although unemployment has decreased to single digits, inflation has not yet reached the desired point. Erdoğan stated that the requested raise for retirees can only be given by reducing inflation.
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