Federal Reserve Maintains Steady Rates: Key Economic Indicators Ahead (E70)

The Fed made a decision keeping the rates steady for the time being, indicating a cautious approach as they want to see how the market reacts in the coming months. This careful observation will help them assess whether inflation will remain stable or increase unexpectedly. This week, be on the lookout for essential economic data releases that could have significant implications on market movements, including the Global Services PMI, New Home Sales, Consumer Confidence, GDP, Initial Jobless Claims, and Core PCE. Each of these reports will provide valuable insights into the economic landscape. Moreover, SPY has support at 550 but seems to be making a concerted run towards 568, where it will likely encounter some resistance, which could steer trading strategies in the short term. On the cryptocurrency front, BTC is currently holding around 87k; the big question remains whether it will make a push towards the psychological milestone of 90k or continue to trade in a more confined range. As interest rates continue to hover between 6.5% and 7%, market analysts are closely watching for any signs of a drop below the 6% threshold. If we do witness such a decrease, it could potentially ignite a flood of buyers rushing into the market, eager to capitalize on favorable borrowing conditions and invest in various asset classes.