Back
LearningEnd OF Day Report March 8th

Fed Chair Powell says Fed has not made any decision yet about the March meeting, Fed is data dependent, will be guided by incoming data; repeats terminal rate will likely be higher than previously expectedMorning Market Report – 9 March 2023

Darren Krett

Wednesday, 8 March 2023

Share on:

Morning Market Report – 9 March 2023 facebookMorning Market Report – 9 March 2023 twitterMorning Market Report – 9 March 2023 linkedin

End OF Day Report March 8th

Categories

closing report

HIGHLIGHTS

-	US President Biden's budget plan would fund federal-state partnership to ensure access to preschool 
        for all 4mln four-year-old children in the US, while the plan calls for USD 22.1bln for early care 
        and education and USD 13.1bln for Headstart program
-	Powell said the Fed remains data-dependent, no decisions made
-	Powell flagged the JOLTS survey, the NFP report Friday, and next week's CPI/PPI as key data the Fed 
        would be considering in its policy decision ahead of the March 22nd FOMC.
-	Fed Chair Powell says China's faster reopneing could put upward pressure on commodities but also 
        quicker healing of supply chains; expect impact to be moderate overall

SUMMARY

Equities up, Treasuries mixed, Crude down, Dollar flat. Powell said the Fed remains data-dependent, no decisions made; BoC holds rates steady, as expected. Major stock indices were subdued on Wednesday with Powell reaffirming his hawkish view from Tuesday again in Congress, although stocks did see a bounce into the close to see SPX settle in the black. February ADP came in on the firmer side of expectations 242k (exp. 200k), but not enough to extend on recent hawkish fed pricing, instead, a wave of short-covering in stocks and Treasuries was seen after the data. However, the smaller decline than expected in January JOLTS job openings capped the upside later in the NY morning, marking further evidence of little progress in a loosening labour market.
Participants are now setting up for Thursday's 30yr bond auction. Friday's February NFP remains the highlight of the remaining week, although ahead of then on Thursday we get Chinese inflation data, US jobless claims, and Fed's Barr (v) speaking on crypto.

Market Snapshot

snap-mar-8

What Came Out Today

econ-mar-8

On the Ticket Tomorrow

coming-mar-9

Related reads

Closing Report
END OF DAY REPORT March 7th-image

Darren Krett

Tuesday, 7 March 2023

END OF DAY REPORT March 7th

Get a comprehensive overview on the economic climate in one convenient report.
END OF DAY REPORT March 7th

0


Comments (0)

Closing Report
END OF DAY REPORT MARCH 6th-image

Darren Krett

Monday, 6 March 2023

END OF DAY REPORT MARCH 6th

Get an in-depth overview of all that happened on March 6th, 2021. Stay informed with our comprehensive End of Day Report!

Get started with Leviathan FM today

7 day free trialContact us
See our pricing

© 2015 - 2024 Leviathan Financial Management LLC. All Rights Reserved.

Legal Disclaimer: The information provided in the Leviathan website is for informational purposes only. It should not be considered legal or financial advice. You should consult with a financial advisor professional to determine what may be best for your individual needs. Leviathan Financial Management does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. To the maximum extent permitted by law, Leviathan Financial Management disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. Content contained on or made available through the website is not intended to and does not constitute legal advice or investment advice. Your use of the information on the website or materials linked from the Web is at your own risk.