Altcoins News
By Dan Saada
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Powell Stays Cautious. Fed Chair Jerome Powell made it clear: no rate cuts in April.
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Markets React Fast. Crypto jumped on the news. Bitcoin climbed 2% to around $44,000 while Ethereum gained 1.5%.
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U.S. inflation cooled more than expected in March. The Consumer Price Index rose just 5% year-over-year, beating economists' forecasts of 5.
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Energy prices fell hard, dropping 3.5% and dragging down the overall inflation number. Gas prices led the decline while food costs kept climbing with a 0.5% bump.
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Fed Chair Jerome Powell made it clear: no rate cuts in April. He's worried about geopolitical mess and market swings that could mess with the economy.
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JPMorgan analysts said Friday the geopolitical situation could hurt supply chains and push inflation back up. That's exactly what Powell doesn't want to see right now.
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Powell's been burned before by inflation that seemed under control but came roaring back. So he's taking the cautious route, waiting for more data before making any big moves.
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Crypto jumped on the news. Bitcoin climbed 2% to around $44,000 while Ethereum gained 1.5%. Traders figured the softer inflation data means the Fed might ease up on its…
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Stocks were all over the place. The S&P 500 managed a 0.7% gain thanks to tech stocks doing their thing. Apple and Microsoft helped push the Nasdaq up 1%.
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The bond market told a different story. The 10-year Treasury yield dropped to 3.3%, its lowest since January.
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Gold surged to $2,050 per ounce Friday as traders looked for inflation hedges. Pretty much classic flight-to-safety stuff when things get murky.
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Housing market took a hit too. Existing home sales fell 2.4% in March, according to the National Association of Realtors. Mortgage rates climbed to 6.
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Consumer confidence dropped as well. The University of Michigan's sentiment index fell to 62.6 in April from 63.5 in March.
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Charles Schwab ran a survey this week that found 68% of retail investors don't expect rate cuts anytime soon.
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Corporate earnings season kicks into high gear next week. Morgan Stanley analysts are watching to see how inflation and supply chain problems hit profit margins.
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