Friday's Market Update (May 19, 2023)
On Friday, traders were expecting Jerome giving them clues on the markets’ direction. It didn’t happen, so NASDAQ (o:12709, c:12657) and BTC (o:26909, c:26890) just ranged.
On the “Perspectives on Monetary Policy” panel before the Thomas Laubach Research Conference, Powell said, “We face uncertainty about the lagged effects of our tightening so far, and about the extent of credit tightening from recent banking stresses.” Essentially, this means that the FOMC chooses to sit on the fence instead of acknowledging its responsibility for gradually driving the country’s financial system into the gutter.
Other Markets Updates:
Indonesia: In April 2023, car registrations in Indonesia experienced a year-on-year decline of 28.8%, resulting in a total of 58,911 units. The previous reading was +2.6%