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Today Fundamental Analysis: US Federal Reserve Hikes Rates for the First Time in Three Years
US stock futures rebounded Thursday after the Fed delivered its first rate hike in three years. This followed a sharp sell-off on Wednesday, with the Dow falling more than 600 points, led by weakness in financial stocks.
The Fed raised rates by 25 bps to 3.75%–4% and signaled another hike could come this year, as inflation remains elevated and oil prices stay above $100. Markets now await jobless claims and housing data for clues on the economy and whether further monetary tightening will be needed.
Gold extended its recovery on Thursday from a near six-week low as a pullback in US Treasury yields triggered some profit-taking in the US Dollar, supporting the precious metal.
However, the upside remains limited by the Fed’s more hawkish outlook. The Fed signaled that another hike could come this year, citing a resilient US economy, persistent inflation and geopolitical risks.
Oil prices extended their decline on Thursday as concerns over supply disruptions from attacks on Saudi Arabia’s East-West pipeline eased. Brent fell to $105.75 per barrel, while WTI slipped to $102.00
Saudi Arabia is also supplying additional crude to Asian refiners through ship-to-ship transfers near Oman, helping offset the impact of the pipeline disruption and reducing immediate pressure on global oil supplies.
The crypto market is facing pressure as The US Senate blocked the CLARITY Act from advancing after a procedural vote fell well short of the 60 votes needed, dealing a setback to efforts to establish a comprehensive regulatory framework for the crypto industry.
The setback weighed on crypto markets, with Bitcoin falling around 3%. The legislation may now be delayed until next year, particularly with the upcoming midterm elections limiting the time available for further negotiations.
Gold buying by central banks has hit its highest rate since 2024.
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