Tuesday's Market Update (March 21, 2023)

22 Mar 2023 by rate3

On Tuesday, BTC remained in the 28th price-zone (opening: 28233, closing: 27785, -1.6 percent), while NASDAQ traders continued to price in the widely anticipated 0.25-point increase as a result of Wednesday's FOMC meeting (opening: 11764, closing: 11860, +0.8 percent).

However, economic fundamentals persistently pointed markets in the opposite direction, with the NAR reporting home sales ballooning 14.5 percent in February to 4.58 million - the largest monthly percentage increase since July 2020 - while analysts were only expecting 5 percent. This is definitely not what the Fed's hawks wanted to see as a result of their 15-month-long QT program.