Fed-focused PCE deflator causes negative inflation since 2020, soaring virtual currency-related stocks | 23rd Financial Tankan

12/23 (Saturday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: 37,385 -0.05%
• Nasdaq: 14,992 +0.2%
• Nikkei average: 33,169 +0.08%
• USD/JPY: 142.4 +0.3%
• Gold futures: 2,064 +0.6%
• NVIDIA: $488 -0.3%
• Tesla: $252 -0.7%

The NY Dow fell slightly today. The NASDAQ continued to rise. Last night, the Federal Reserve’s most important inflation data, the US November PCE deflator, showed a sustained decline in inflation, justifying investors’ expectations for interest rate cuts next year.

The PCE deflator’s comprehensive price index decreased by 0.1% month-on-month, marking the first negative level since April 2020 during the coronavirus pandemic. The core price index also rose 1.9% on a six-month annualized basis, falling below the Fed’s 2% inflation target for the first time since September 2020.

November PCE Deflator

• PCE deflator・Month change: Result -0.1% Forecast 0.0% Previous 0.0%
• PCE deflator/YoY comparison: Result +2.6% Forecast +2.8% Previous +3.0%
• PCE core deflator・Month change: Result +0.1% Forecast +0.2% Previous +0.2%
• PCE core deflator・YoY change: Result +3.2% Forecast +3.4% Previous +3.5%

connection: Nasdaq rebounds due to rise in AI-related stocks, overall increase in virtual currency-related stocks | 22nd Financial Tankan

Today’s main market materials are as follows:.

• PCE deflator data justifies Fed officials’ prediction of rate cuts in the coming quarters
• US stock market will be closed for Christmas on December 25th (Monday), with a lull due to high price warnings
• Dollar-yen temporarily fell to 141.8 yen

connection: “Bitcoin is the Godzilla of the financial world”, the revival of Solana and the spread of DePIN/AI = Messari’s 2024 report

Important economic indicators/events from this week onwards

• 12/25 (Monday) US stock market closed
• 12/25 (Monday) Statement by Kazuo Ueda, Governor of the Bank of Japan
• 12/27 (Wednesday) 24:00 U.S. December Richmond Fed Manufacturing Index
• 12/28 (Thursday) 22:30 Number of new unemployment insurance applications for the previous week in the US
• January 1st (Monday) Japanese stock market closed
• 1/2 (Tuesday) US stock market closed
• 1/3 (Wednesday) 24:00 December US ISM Manufacturing Industry Index
• January 4th (Thursday) 4:00pm U.S. Federal Open Market Committee (FOMC) Minutes
• 1/4 (Thu) 22:15 US December ADP employment statistics
• 1/5 (Fri) 22:30 U.S. December unemployment rate

connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Virtual currency related stocks continue to grow significantly

• Coinbase｜$175.4 (+4.4%)
• MicroStrategy | $619.2 (+6.4%)
• Marathon | $26.7 (+7.7%)

connection: Growing expectations for Bitcoin halving, investor interest captured by BitBank survey

Virtual currency market Solana continues to grow significantly

• Bitcoin: $43,988 +0.4%
• Ethereum: $2,325 +4%
• Solana: $97.8 +4.5%

connection:Bitcoin approaches year-to-date high, Solana (SOL) rises to 4th place in market capitalization

connection: US Coinbase digs into next year’s outlook for the virtual currency market

CoinPost Special feature for virtual currency beginners

We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

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