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U.S. natural gas futures fell 3.00% on the day, currently trading at $3.419 per million British thermal units.The London Bullion Market Association (LBMA) reported that as of the end of December 2025, the amount of silver held in London warehouses was 27,818 tonnes (up 2.3% from the previous month).On January 8th, CNBC reported that U.S. Treasury Secretary Bessant urged the Federal Reserve to continue cutting interest rates, further pressuring U.S. monetary policymakers. Bessant stated that lower interest rates are "the only missing element for stronger economic growth, and thats why the Fed shouldnt delay." In his speech, Bessant also indicated that 2026 will see the "rewards" of Trumps "America First" agenda. According to CNBC, the Treasury official stated that Trumps tax cuts, trade agreements, and deregulation agenda last year "laid the foundation for strong economic growth." Bessant has been leading the governments candidate selection process to succeed Powell as chairman after his term expires in May. The Treasury official has repeatedly echoed Trumps calls for lower interest rates.On January 8th, Fitch Ratings revised upward its 2025 US GDP growth forecast and 2026 growth projections. This adjustment incorporates economic data delayed due to the government shutdown at the end of last year. Fitch now expects GDP growth of 2.1% in 2025, higher than the 1.8% forecast in its December 2025 Global Economic Outlook (GEO). Simultaneously, it revised its 2026 growth forecast upward to 2.0% from the previously reported 1.9%. Given the incomplete October data, recent CPI inflation trends are difficult to interpret. The inflation rate is estimated to rise to 3.0% in December 2025 (from 2.7% in November) and will further increase in 2026, reaching an expected 3.2% by the end of the year, due to the delayed transmission of tariffs. As the impact of slower job growth is offset by a decline in labor force growth, the average unemployment rate in 2026 is projected to be 4.6%, close to recent levels. We expect the Federal Reserve to cut interest rates twice in the first half of 2026, lowering the federal funds rate (upper limit) to 3.25%.Fitch: We expect the Federal Reserve to cut interest rates twice in the first half of 2026, bringing the federal funds rate (upper limit) down to 3.25%.

S&P 500, Dow Pressured by Weak Economic Data, Hawkish Fed Remarks

Cory Russell

Jan 19, 2023 17:29

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The S&P 500 and the Dow both fell by about 2% on Wednesday, sending the main U.S. stock index futures down. Wall Street suffered its largest daily loss in more than a month as hawkish remarks from two Fed members and dismal economic data contributed to investor desire for lower-risk assets.


The benchmark S&P 500 Index finished the day on Wednesday at 3928.86, down 62.11 or -1.56%. The blue chip Dow Jones Industrial Average ended the day at 33296.96, down 613.89 or -1.81%, while the tech-heavy NASDAQ Composite dropped 138.10, or 1.24%, to close at 10957.01.


Wednesday's Recap Following the release of data revealing a decline in industrial production last month and the largest drop in retail sales in a year, U.S. equities dipped just before the cash market opened on Wednesday.


The theme of a weakening economy and an impending recession in 2023 was furthered by the drop in both industrial output and retail expenditure. Additionally, it could have dispelled last week's market craze about a "soft-landing" recession.


Investors also had to cope with Microsoft's announcement of 10,000 layoffs and hawkish remarks from Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard, and Philadelphia Fed President Patrick Harker in addition to the bad economic news.

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