Wednesday's Markets Update (15 March, 2023)

16 Mar 2023 by rate3

Credit Suisse panic aside, Powell's monetary adventurism continues to cause confusion among investors on Wednesday. Most are now uncertain which way the FOMC decision will go next week. The NASDAQ and BTC are reflecting this nervousness, with the former fluctuating up and down during the day session (open: 11431, close: 11434) and the latter correcting 1.8 percent from yesterday's 6-month high (open: 24808, close: 24366).

That was not helped by the BLS reporting PPI down 0.1 percent in February, which went against market expectations of a 0.3 increase. Food decreased by 2.2 percent (with eggs down by 36.1) and energy decreased by 0.2. However, the index for services increased by 0.3 percent. Additionally, retail sales decreased by 0.4 percent in February, below market forecasts of a 0.3 percent increase. The biggest decreases were seen in furniture sales (down 2.5 percent) and food services (down 2.2), while non-store retailers increased their prices by 1.6.