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Wednesday's Fed rate cut pause and the warm up in PPI combined with the war's fallout for a bad day on Wall Street. How will Thursday go? This report details the driving forces and the market's reaction.
The past week on Wall Street didn't stop the same old concerns from dragging on the major indices. The war with Iran and surging oil prices inflicted more damage Friday to close out another losing week.
Economic reporting on Friday brought a mix of economic signs. A revision for 4th quarter GDP came in 50% lower than the previous estimates, while January's PCE data, as mostly expected, was still warm.
February's consumer price index landed as expected Wednesday with price hikes not moving all that much. That would be the good news in the latest CPI. The bad: it doesn't include the impacts of the war.
The timing for the new sentiment survey couldn't have been any worse. The work started before the war, but only finished last week. In that time, what had been a rise in optimism would tumble to dread.
The incoming week will deliver big news at home and abroad. War developments and oil prices will again grab most of the headlines, with the Fed meeting and the newest PPI reading also in the spotlight.
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