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The US Treasury auction for the six weeks ending August 25th yielded a winning bid of 3.65%, unchanged from the previous week.August 25th - According to Iranian sources on the 25th local time, a source close to the Iranian negotiating team stated that Iran hopes to clearly convey its position and negotiating conditions regarding the Strait of Hormuz to the United States through Pakistan. The source said that during a meeting with visiting Pakistani Army Chief of Staff Mohammad Munir on the 24th, Iran clearly explained its position to Pakistan. Irans conditions include the United States complying with the Islamabad Memorandum of Understanding and fulfilling its relevant provisions, with Article 5 concerning Irans arrangements for the management of the Strait of Hormuz. The source indicated that Pakistan is seeking to convey these conditions to the United States.August 25th - Honda Motor Co. is considering building a new plant in the United States. As the company plans to expand its lineup of gasoline-electric hybrid vehicles starting in 2030, a senior executive at the Japanese automaker stated that the company needs to further increase production capacity. This plan comes after Honda made a broader strategic shift earlier this year, when it canceled plans to launch three all-electric models for the U.S. market. Honda plans to launch 15 new hybrid models by March 2030, primarily targeting the North American market. A Honda executive vice president stated, "To meet customer demand, we do need to increase production capacity. The next production plant should be located in North America."On August 25th, Federal Reserve Chair Janet Collins stated that she currently supports maintaining interest rates, but this stance depends on seeing further progress in inflation declining and gradually moving towards the Feds 2% target. Collins wrote, "To maintain the current target range for the interest rate, we need to continue to see evidence that inflation is indeed declining. If this evidence of a sustained decline in inflation does not emerge, I think monetary policy should be tightened as soon as possible." She stated that recent inflation data showed underlying price pressures were moderate, which was "somewhat encouraging," but added that monthly data could be volatile. "Whether the recent improvements can be sustained remains to be seen." Collins said that tighter interest rates, coupled with rising long-term yields, should alleviate some of the inflationary pressures from strong household and business consumption. She added that the impact of previous tariffs is expected to have largely subsided, and the impact of rising oil prices on inflation should also begin to weaken.Canadian Finance Minister: U.S. tariffs will have a real impact on Canada, and we must respond.

S&P 500 Price Forecast – Stock Markets Continue to Worry About Rates

Jimmy Khan

Feb 22, 2023 16:31


Technical Analysis of the S&P 500

The S&P 500 E-mini contract started overnight trading poorly and hasn't been making a lot of sense. Yet, the contract's high level of volatility persists, and as a result, downward pressure is beginning to build. It's important to note that the 200-Day EMA and the 50-Day EMA are located immediately below. Given that they are both rather flat, there may not actually be any momentum.


As it is slightly above the psychologically and structurally significant 4000 level, this may pave the way for a support level to develop in that approximate area. You must keep in mind that earnings season is now underway because it could cause the market to fluctuate. The moving averages and the psychologically significant 4000 level, if we were to break down below them, might drive the futures market and the index itself significantly lower.


It thus creates the chance of a decline down to the 3900 level, where we had experienced some buying pressure. Following that, there comes the 3800 level, which is considerably more significant and will get a lot of attention. When it comes to whether or not the market can save itself, we would be in that general area hanging on by a thread.


The previous two candlesticks have undoubtedly looked pretty bearish, and I think that may have some momentum built up in it. If the market were to flip around and bounce, then it may try to move towards the 4200 level. The minutes from the Federal Open Market Committee meeting, which are released on Wednesday, will undoubtedly also be relevant. This ought to provide traders a good indication of what the Federal Reserve members discussed during the meeting and whether or not there is an overall hawkish mindset or if there are any ice cracks appearing. This will have a significant impact on the market.

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