Wednesday's Markets Update (Feb 8, 2023)

09 Feb 2023 by rate3

"I am prepared for a longer fight to bring inflation down to our target," said Mr. Waller, an appointee of Trump to the FOMC and a former VP at the St. Louis FED, at the Arkansas State University Agribusiness Conference.

However, this statement was not the cause of the 1.3 percent decrease in NASDAQ (open: 12069, close: 11910) and a 1.0 percent drop in BTC (from 23114 to 22874) during Wednesday's trading session. The bulls' momentum is weakening on technical charts and the bears are seeking revenge, leading to increased volatility.

Meanwhile, the World Agricultural Supply and Demand Estimates (WASDE) report showed that, despite the ongoing war in Ukraine, "The global outlook for wheat in 2022/23 is for increased supplies, consumption, trade, and stocks."