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Market news: Japans largest nuclear power plant is expected to receive local approval to restart.On November 21st, Japanese Prime Minister Sanae Takaichi stated that the government is prepared to issue new bonds to fund the latest economic stimulus package, in case tax revenue growth is insufficient to cover all costs. However, she emphasized that the total amount of Japanese government bond issuance will still be lower than last year. Takaichi reiterated that Japan must achieve public finance sustainability through economic growth, indicating the governments intention to strike a balance between short-term fiscal support and long-term fiscal consolidation. While the governments commitment to lower total government bond issuance than last year helps stabilize bond market sentiment, the reliance on new borrowing still highlights the ongoing fiscal pressure. Analyst Eamonn Sheridan stated that although Takaichis commitment to lower total government bond issuance than last year helps stabilize bond market sentiment, the reliance on new bond issuance still highlights the ongoing fiscal pressure.Market news: ECB Executive Board member Erdsen will extend his term as Vice-President of the ECBs supervisory body.Yi Jun Group (02242.HK), a Hong Kong-listed company, announced on the Hong Kong Stock Exchange that trading of its shares would be temporarily suspended from 1:01 p.m. today.According to the Financial Times, the EU will issue a formal warning to Italy regarding the "golden power" rule.

S&P 500 Retreats From Session Highs As Traders Take Profits Ahead Of Fed

Cory Russell

Dec 14, 2022 14:20

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NASDAQ Composite pulled back towards 11,200.

Investors get ready for the Fed decision

As traders chose to take some profits off the table ahead of the Fed Interest Rate Decision, which will be issued tomorrow, the S&P 500 encountered resistance near 4100 and pulled back towards 4015. The very tech-focused NASDAQ Composite has likewise retreated from session highs but still recorded solid gains of 0.7%.


Traders today concentrated on the November inflation figures. In November, the inflation rate decreased from 7.7% in October to 7.1%, below the analyst average of 7.3%. Additionally, the Core Inflation Rate has decreased, going from 6.3% to 6%.


Numbers for inflation were received with unbridled joy. The U.S. dollar tested multi-month lows as Treasury yields decreased and investors' desire for safe-haven assets fell. However, 30 minutes after the opening bell, profit-taking pressured markets.


According to the FedWatch Tool, there is a 79.4% chance that the Fed will raise rates by 50 basis points at its meeting tomorrow. Traders don't think that the Fed will decide to take a more dovish stance following the publication of inflation statistics.


Since the Fed is likely to fulfill market expectations, traders will pay close attention to Powell's remarks. Bulls are now concerned that Powell may assert, in spite of the most recent statistics, that the Fed needs to increase pressure on inflation. Powell has warned that if the Fed didn't succeed in bringing inflation down in the ensuing months, it might become entrenched.

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