Cryptocurrency
On the second day of his presentation on the semi-annual Monetary Policy Report, Fed President Jerome Powell stated that they wanted to make sure that inflation fell to the target in order to start reducing interest rates, and said, “When we gain this confidence, it will be appropriate to start reducing interest rates.”
The Fed’s Mester said a premature cut in interest rates is a bigger danger.
The US’s foreign trade deficit increased by 5.1 percent on a monthly basis in January, reaching 67.4 billion dollars.
The profit of the banking sector in the USA decreased by approximately 44 percent in the fourth quarter of 2023 compared to the previous quarter, falling to 38.4 billion dollars.
The International Monetary Fund (IMF) reported that the trade volume in the Suez Canal decreased by 50 percent annually in the first two months of the year.
While the European Central Bank did not change interest rates for the fourth consecutive meeting, lower forecasts for inflation and economic growth strengthened the expectation that the bank would start reducing interest rates in June.
International credit rating agency Moody’s changed the outlook for the German banking sector from stable to negative due to the economic recession.
Asian markets rise as Fed’s Powell hints interest rate cuts are on the horizon.
While the total deposits of the banking sector decreased by 18.3 billion liras compared to the previous week, reaching 15 trillion 495.5 billion liras in the week ending March 1, deposit interest reached its highest level since April 2002 with 53.3 percent.
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