Market in Review 12/15/2023


Fed Speakers Reverse Powell
– NY Fed’s Wiliams “We aren’t really talking about rate cuts right now” 
– Powell DEC13th “cuts are something “that begins to come into view, and is clearly a topic of discussion out in the world and also a discussion for us at our meeting today.”
– More Fed Speakers also tempered Powell with Bostic needing several months to see enough data and gain confidence that inflation will continue to fall
– Fed’s Goolsbee saying that he expects rates to be lower next year than they are right now, but not significantly
– The S&P 500 is up 7 weeks in a row – its longest winning streak in six years (Nov 2017)
– It only took 48 days for the small-cap Russell 2,000 to go from 52-week low to 52-week high; the shortest turnaround in the index’s 45+ year history.
March rate-cut expectations tumbled from 100% to around 66%
– Dollar UP vs Euro & Pound, +0.9%/91.76 & -0.7% 126.75. Down smalls vs Yen +0.25% at 142.20, Flat vs AUD trading 67 flat.
– Gold off half a percent at 2032 on lower rate cut expectations
– Silver down 1% at 24.15 on dollar strength
– DOW flat 37200, ES flat 4715, ND flat 16560
– Crypto: BTC down 1.75% 42200, ETH down 2.25% 2250
– Crude flat on day