Wednesday's Markets Update:

10 Oct 2024 by rate3

On Wednesday, stocks hit new records as investors react to Fed minutes and inflation data. Tech giants lead market higher, offsetting concerns over Alphabet's potential divestiture. Dollar index increased to 8-day high as traders predict smaller rate cut. BTC and ETH dropped briefly but returned to $63K and $2.4K.

Details

Mortgage rates rise to 6.36%, highest since August, as Treasury yields increase, reflecting investor belief that the Fed won't lower interest rates as swiftly. Jumbo loan rates climb to 6.64% and FHA-backed mortgage rates rise to 6.22%. 1Y trend: "Down" (MBA)

World Markets

The Reserve Bank of India (RBI) kept its benchmark policy repo rate at 6.5% for the tenth consecutive meeting in October 2024, aligning with market expectations but tweaked its policy stance to neutral, opening the door for rate cuts amid early signs of a growth slowdown in the economy. 1Y trend: "Side" (RBI)

Currencies

Dollar index surges to 8-session high as traders predict smaller 25bps Fed rate cut. Policymakers divided on rate cut size, reinforcing Fed's view on economic outlook. Traders await CPI and PPI data. 1Y trend: "Side"