Wednesday's Markets Update (November 29, 2023)

29 Nov 2023 by rate3

On Wednesday, Nasdaq and other stock indexes pared back some of their early gains after a Fed official cautioned against premature rate cut expectations. The comments tempered investor optimism following remarks earlier in the week that had suggested the Fed might soon halt rate hikes. Meanwhile, revised GDP data showed the economy grew faster in Q3 than initially estimated. BTC and ETH traders remained undecided, with prices continuing the up-and-down movements characteristic of the entire month of November.

Details

The economy grew at an annualized rate of 5.2% in the third quarter of 2023, exceeding initial estimates. This marks the fastest expansion since Q4 2021. Upward revisions were seen in nonresidential investment and residential spending. Meanwhile, consumer spending eased slightly from initial readings but remained robust. Government expenditures and trade also made positive contributions to growth. The report suggests the economy maintains momentum despite high inflation and interest rates.