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This is an important week for central banks, with the Fed, the ECB and the BoJ all meeting to decide on their monetary policy.

Yesterday was the Fed’s turn. After halting in June, the Federal Open Market Committee (FOMC) announced a quarter percentage point rate hike at its July 2023 meeting. The increase was widely expected by the markets, as the Fed previously anticipated the possibility of two more rate hikes by the end of the year. The federal funds rate is now at a target range of 5.25% – 5.50%, the highest in 22 years.

The focus was on Fed Chair Powell’s press conference as markets were looking for a hint on forward guidance. Chair Powell left the door open stating that “it is certainly possible that we would raise funds again at the September meeting, if the data warranted. And I would also say it’s possible that we would choose to hold steady at that meeting.”

The Fed resumed its restrictive policy stance, with inflation still above its 2% target, a still tight labor market and a still resilient economy. According to the US Bureau of Labor Statistics, headline CPI was 3.0% year-over-year in June 2023, while core inflation was 4.8%. Nonfarm payrolls rose 209K in June 2023, from 306K the prior month. The unemployment rate lowered to 3.6% in June 2023, from May’s 3.7%.

Following the Fed announcement, US markets were flat, US 10yr Treasury remained in area 3.80%.

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Aleph Finance, or its affiliates.

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We draw your attention to the “Legal Documents” pages of our web site. This can be found at the top of each page. This section contains important information about the terms under which you use this web site, risk warnings and other important information. Please access and read this Important Information section.
Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

For further information, please read our Legal Documents.