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- š¦¢Black Swan Street Weekly Stock Market Summary (March. 18th - March. 22nd 2024)
š¦¢Black Swan Street Weekly Stock Market Summary (March. 18th - March. 22nd 2024)
Interest rate movements across the globe, Vladamir Putin is back, Apple and Google partnership, and the billion dollar ice cream spinoff...
Welcome to Black Swan Street!
Welcome back!! Itās @JohnWetter here with another edition of Black Swan Streetā¦
This week was a hoot-and-a-hollar, so letās dive in:
Ratesā¦ Ratesā¦ Ratesā¦āļø
The Swanās Selectionsš¦¢
In Other Newsš
Next Week In The Stock Marketš®
Read time: 6 minutes
Ratesā¦ Ratesā¦ Ratesā¦āļø
Federal Reserveās Dot Plot
What is that? Above you can see the Federal Reserveās āDot Plotā. Itās a graphical representation of policymakerās interest rate projections over time.
What does it say? In the plot, each policymakerās projection of the future path of the federal funds rate is represented by a dot - aka each dot represents the individual forecast of a member of the Federal Open Market Committee (FOMC).
And as you can see, the dot plot shows a median federal funds rate of 4.6% in 2024. With the current fed funds rate being in a range of 5.25% to 5.5%, this implies three rate cuts of 0.25% in 2024.
Read the rest of the economic projections here.
Also to note:
This week:
The Bank of Japan raised interest rates for the first time in 17 years, ending the worldās only negative rates regime. Japanās central bank raised its short-term interest rates to 0% to 0.1% from -0.1%.
The Swiss National Bank became the first advanced economy to cut interest rates. Switzerland surprised the market with a decision to lower its main policy rate by 0.25 percentage points to 1.5%. Economists had expected the Swiss central bank to hold rates steady at 1.75%.
The Bank of England held its key rate steady at 5.25%, aka a 16-year high.
Recommended Readingš
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The Swanās Selectionsš¦¢
š·šŗGuess Whoās Backā¦ Back Again? Thatās right, Putinās extending his reign. Russian President, Vladamir Putin, was elected to serve his fifth term as president of Russia. This means weāll be seeing more of Putin until at least 2030.
š±Apple and Google Partnership? Apple is in talks with Google to build Googleās āGeminiā artificial intelligence engine into the iPhone. Itās reported the two companies are in active negotiations to let Apple license Gemini.
š¦Billion Dollar Ice Cream Spinoff. One of the worldās largest consumer goods companies, Unilever, announced the spinoff of its ice cream unit. This unit is home to popular brands such as Magnum and Ben & Jerryās. Along with this, they announced the layoff of 7,500 employees (5.9% of workforce) in a new cost-savings initiative.
ā½77-Year Partnership Gone. The German national football (aka soccer) team has decided to switch from Adidas kits to Nike kits after 77 years. Itās rumored Nike will be paying ~$108 million per year to supply the kits (doubling Adidas $50 million per year).
In Other Newsš
Lyft and Uber will cease operations in Minneapolis - AP
Honda and Nissan will partner on EV development - AP
Treasury ETF hit by record losing streak, $2 billion of outflows - BBG
Evergrande accused of falsifying revenue by $78 billion - BBG
Elon Musk defends his ketamine use as beneficial for investors - RT
Edtech and publishing firm āEncyclopaedia Britannicaā is seeking a $1 billion valuation in its potential June IPO - BBG
JPMorgan to set up a dedicated sports IB team - RT
PepsiCo to replace Coca-Cola at Subwayās U.S. locations - BBG
AstraZeneca will acquire Canadian drug developer āFusion Pharmaceuticalsā in a $2 billion cash deal - RT
Pfizer reduced its stake in UK consumer healthcare firm āHaleonā by $3.5 billion to 22.6% - RT
Short sellers up wagers against CRE again - BBG
Target will double employee bonuses this year - BBG
LVMH deputy CEO Antonio Belloni will step down after 23 years - FT
Next Week in the Stock Marketš®
Earnings To Watch Next Week:
What the Swan is watching:
Monday: PVH Corp
Tuesday: TD Synnex, McCormick & Company, GameStop, Dave & Busterās
Wednesday: Carnival Corp, Cintas, Paychex, H.B. Fuller, Jefferies Financial Group
Thursday: Walgreens Boots Alliance, BRP Inc, P3 Health Partners
Economic Calendar Next Week:
The Wrap-Upš
šš Thatās it for this week šš
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