Wednesday's Markets Update (March 20, 2024)

21 Mar 2024 by rate3

On Wednesday, stocks soar to new ATHs after Fed maintains rate cut plans. Tech leads rally, with mega-caps like Meta and Apple up over 1%. In world markets, gold set a new record at $2222. The crypto market surged back with BTC and ETH gaining about 7%.

Details

Fed holds rates at a 23-year high of 5.25%-5.5% but promises three cuts later in 2024, with projections for stronger economic growth but slightly higher inflation. They see unemployment falling to 4% this year. (FED)

Crypto

With BTC ETFs approved, the pressure is on for ETH ETFs. Several companies are vying for a green light from the SEC, with deadlines approaching. Despite regulatory hurdles and DeFi challenges, analysts remain optimistic about Ethereum's strength and growing DeFi ecosystem. DeFi protocols surged 80.3% YoY to $51B, with a 21.6% increase in wallet addresses. (source)

World Markets

Brazil cuts rates 50bps to 10.75% as inflation eases but remains above target. They aim to boost the economy cautiously while keeping inflation in check. (BCB)

Commodities

Gold rises to $2222, setting a new record, after mixed central bank signals. Fed to hold rates, but hints at cuts later in 2024. BoE eyed for future rate cut clues.