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News
Dollar Extends Drop as Fed Seen Leading Global Monetary Pivot
The dollar was on pace for its biggest two-day decline since July as investors adjust to the new outlook for US interest rates after the Federal Reserve’s latest meeting. The Bloomberg Dollar Spot Index fell 0.8% on Thursday to the lowest since August, extending a drop after US policymakers on Wednesday said they’d begun to contemplate the timing of monetary easing. The euro and British pound advanced more than 1% against the greenback after their central banks kept rates unchanged. The onshore Chinese renminbi also climbed 0.9%.
Bank stocks rally to pre-crisis levels after Fed meeting
Shares in U.S. banks were rallying strongly on Thursday after the Federal Reserve signaled potential interest rate cuts in 2024 with the sector returning to its highest level since early March just before a crisis that put some banks out of business. Wells Fargo and BofA Global Research analysts raised price targets across the banking sector in wake of the Fed's dovish pivot on Wednesday The S&P 500 bank index (.SPXBK), up 4.4% and climbing sharply for a second session in a row, hit its highest level since March 6. This as the KBW Regional Banking index (.KRX) was also rising more than 4%.
Fed stands alone as ECB, BoE stick with tight policy
The U.S. Federal Reserve was left in a camp of its own on Thursday when a host of Europe's central banks stuck to plans to keep policy tight well into next year, dashing any hope that the Fed's pivot towards rate cuts marked a global turning point. Extending the hawkish stance that has dominated global central banking through two years of excessive inflation, the European Central Bank said policy easing was not even brought up in a two-day meeting, the Bank of England said rates would remain high for "an extended period," and Norway's central bank even hiked rates.
Mortgage Rates in US Slide Below 7% for First Time Since August
Mortgage rates fell below 7% for the first time in four months, bringing some relief to a US housing market plagued with affordability issues. The average for a 30-year, fixed loan was 6.95%, down from 7.03% last week, Freddie Mac said in a statement Thursday. Borrowing costs have eased for seven straight weeks, bringing rates down from a high of 7.79% in late October. The decline raises the prospects that buyers sidelined by high interest costs may return.