What Is the Bitcoin “Halving?”
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What’s in Today’s Report:
- What Is the Bitcoin “Halving?”
- Manheim Used Vehicle Index Continues to Decline – Chart
Stock futures are little changed this morning as yields drift sideways and the dollar firms ahead of the Fed decision.
European markets were led lower by luxury brand names after soft earnings from Gucci’s parent company (Kering SA) offset favorable inflation data out of the UK.
Economically, the PBOC left the Loan Prime Rate at 3.45% which is seen as accommodative while U.K. CPI favorably fell from 5.1% to 4.5% vs. (E) 4.6% in February.
There are no notable economic reports today which will leave investor focus pretty much exclusively on the Fed with the FOMC Meeting Announcement at 2:00 p.m. ET followed by Fed Chair Powell’s press conference at 2:30 p.m. ET.
If the Fed is hawkish and signals a higher-for-longer policy stance (more so than is already priced in), expect some volatility in the wake of the decision while a dovish decision projecting confidence in a soft landing could see the 2024 rally extend to new highs.
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