✂️ Fed prepares for a cut

Good morning investors! Yesterday’s Fed report did wonders as we prepare for ‘hopefully’ a strong 2024.

Today we cover:

• One rate cut is coming.

• Inflation getting beaten.

• Stocks hitting new highs.

📊 Economy and News 

Expect one cut this year

The Federal Reserve announced on Wednesday that it will maintain its key interest rate and anticipates only one reduction before year-end.

The Federal Open Market Committee (FOMC) also revised its outlook, suggesting that the long-term interest rate is higher than previously estimated.

“Recent months have shown modest further progress toward the Committee’s 2 percent inflation objective,” the policymakers stated.

Through 2025, the committee now projects a total of five rate cuts amounting to 1.25 percentage points, down from six cuts projected in March. If these projections hold, the federal funds rate would be around 4.1% by the end of next year.

Additionally, the long-term interest rate, which is considered neutral for economic growth, was revised upward to 2.8% from 2.6%, reflecting a growing belief among Fed officials that higher rates may persist longer.

Global hits:

• Bank of Mexico says it could act to restore 'order' in markets.

• 66% of Americans give companies a failing grade for CEO pay .

• Oil prices rise as supply-demand balance expected to tighten in third quarter.

Metals: Norway has discovered Europe’s largest deposit of rare earth metals, whereas Singapore is set to lead the global gold market.

📈 Stocks

S&P 500 5,421.03 (+0.85%)
DJIA 38,712.21 (-0.091%)
NASDAQ 17,608.44 (+1.53%)
BRENT CRUDE 82.53 (-0.01%)
* Prices as of Jun 13th, 12:20 AM UTC

S&P 500 closes above 5,400 for the first time

The S&P 500 jumped to a record and closed above 5,400 for the first time Wednesday after the Federal Reserve’s latest policy announcement and May inflation data pointed to easing pricing pressures.

Alongside, Casey’s General Stores surged 17% to reach new all-time highs following earnings and revenue reports that exceeded expectations. ⛽

Court cases: More than 15,000 Amazon contract drivers have filed legal claims asking for compensation for overtime and unpaid wages . On the other hand, some ex-employees have sued Elon Musk and SpaceX, claiming illegal firings after they called out alleged gender bias and harassment.

💵 Personal Finance

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Nothing in this newsletter is financial advice. Always do your own research and think for yourself.