Kashkari Takes Hawkish Stance At Fed, Expects Further Rate Hikes And No Cuts In 2024
Portfolio Pulse from Piero Cingari
Neel Kashkari, the new leader of the hawkish members on the Federal Reserve’s board, has expressed his inclination towards additional interest rate hikes and maintaining them at high levels. He also signaled his preference for the Fed to maintain steady rates next year and does not expect any rate cuts in 2024. Following these statements, the U.S. dollar index (DXY) as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) rose 0.2%, and the SPDR S&P 500 ETF Trust (NYSE:SPY) is up 0.4% in the premarket trading.
September 27, 2023 | 1:52 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) is up 0.4% in the premarket trading following Kashkari's statements.
Kashkari's hawkish stance on interest rates is generally positive for stocks, which the SPY ETF tracks. As such, the ETF's price rose in response to his statements.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) rose 0.2% following Kashkari's hawkish statements.
Kashkari's hawkish stance on interest rates is positive for the U.S. dollar, which the UUP ETF tracks. As such, the ETF's price rose in response to his statements.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80