top of page

Weekly Market Update – March 25, 2024

Price Return Last Week

S&P 500 +2.3% S&P Mid Cap +2.3% Russell 2000 +1.6%

MSCI EAFE +1.1% MSCI EM +0.4%

10 Yr US Treasury Rate – fell from 4.30% to 4.22%

Source: Refinitiv Eikon

 

Recent News

Fed Meeting – The Federal Reserve left rates unchanged and released new rate projections showing three rate cuts in 2024, one fewer cut than projected in December.  Economic growth estimates for 2024 were revised higher from 1.4% to 2.1% and core inflation was estimated to fall to 2.6% by the end of the year.  The market advanced following the Fed’s release.

Source: Thomson Reuters


Real Estate Commission Framework Changes – The National Association of Realtors reached a settlement over antitrust claims.  The settlement will change the rules on how real estate agents charge commissions in the biggest upheaval to the industry in decades.  The new agreement will make it easier for home buyers to negotiate fees with their own agent or not use an agent at all.  It is estimated that this will push overall commission rates lower and lead to many agents leaving the industry.

Source: The Wall Street Journal


Bank of Japan Eliminates Negative Rates – The Bank of Japan chose to move short-term interest rates from -0.1% up to a range from 0% to 0.1%.  In a statement from Bank of Japan Governor Kazuo Ueda, “Extraordinary easing is over.”  A recent reading from the Japanese Trade Union Confederation showing that Japanese companies were planning to raise pay by 5.3% this year, the largest increase since 1991, appears to have been an important factor in the central bank’s move.

Source: The Wall Street Journal


Swiss National Bank Cuts Rates – Switzerland becomes the first wealthy nation to cut interest rates this cycle.  The Swiss National Bank lowered the key rate from 1.75% to 1.5%.  This arrives a few days after their most recent inflation reading showed a modest increase of 1.2% over the previous year.

Source: The Wall Street Journal


Top of the First – Major League Baseball began its season on March 20 with a game between the Los Angeles Dodgers and the San Diego Padres in Seoul, South Korea.  There have been 25 South Koreans that have played in the majors since Chan Ho Park became the first to do so in 1994.  This was the first time an official MLB game has been played in South Korea. 

Source: foxsports.com, The Associated Press

 

Upcoming Events


3/26 – Durable Goods, Consumer Confidence


3/28 – Q4 GDP Final, Notable Earnings Reports: Walgreens Boots Alliance


3/29 – PCE

Source: Refinitiv Eikon

Comments


bottom of page