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On January 12th, Saul Eslake, former chief economist at Bank of America Merrill Lynch Australia, pointed out that the Trump administrations continued attacks on the Federal Reserves independence are one of the reasons for the decline in short-term interest rates while long-term bond yields are rising. Recent attacks on Powell will continue to impact global long-term interest rates, and Australia will also be affected—meaning that the countrys government debt burden may face further upward pressure.AI application concept stocks in Hong Kong continued to strengthen, with Zhipu (02513.HK) rising more than 23%, MINIMAX-WP (00100.HK) rising more than 21%, and Meitu (01357.HK), Weimob Group (02013.HK) and others following suit.On January 12, Trump denied involvement in the Justice Departments subpoena of the Federal Reserve. Speaking about Fed Chairman Powell, he said, "I have no idea about it, but hes clearly not doing well at the Fed, and hes not good at managing construction projects." Trump stated that the Justice Department subpoena was unrelated to interest rates: "No, I would never even consider putting pressure on him that way. What should really be putting pressure on him is the fact that interest rates are too high; thats the only pressure hes under." He added, "Hes hurt a lot of people, and I think the public is putting pressure on him."On January 12th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.3220%, and the lowest was 0.8750%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.2310%, and the lowest was 1.0450%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.2070%, and the lowest was 1.0030%.Hong Kong-listed tech stocks continued their upward trend, with Kuaishou (01024.HK) rising over 4%, Alibaba (09988.HK) rising over 2%, and Baidu (09888.HK), Bilibili (09626.HK), and others following suit.

S&P 500 Facing More Selling Pressure from Fed Tightening

Skylar Shaw

Jun 20, 2022 14:34

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After a dramatic loss the previous day, September E-mini S&P 500 Index futures closed higher on Friday in a tumultuous session, with the benchmark index swinging back and forth over the break-even line.


The "quadruple witching," which refers to the simultaneous expiry of stock index futures, single-stock futures, stock options, and stock index options, increased market volatility.


The September E-mini S&P 500 Index closed at 3675.75 on Friday, up 4.50 points or 0.12%. The SPDR S&P 500 Trust ETF (SPY) finished the day at $365.84, up $0.77 or 0.21 percent.


Leading Indicators and Industrial Production Weaken


In economic news from the United States, the Federal Reserve issued a report indicating that industrial output rose less than predicted in May. The Conference Board's rating on main U.S. economic indicators continued to fall last month, according to a separate analysis.

More Negative Effects Are More Likely

Despite the fact that economic data was poorer than expected, there was nothing in the reports to indicate a recession was on the horizon or to prevent the Federal Reserve from continuing to tighten policy.


On Friday, Fed Chair Jerome Powell said that the central bank is committed to bringing inflation to its target of 2%. This effectively indicates that higher interest rates are on the way.

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