Daily Alert – Wednesday 13th March 2024: Dimon urges Fed to be cautious

Mark NugentDaily Alert, March 2024

Daily Alert – Wednesday 13th March 2024: Dimon urges Fed to be cautious

Good afternoon.

US CPI missed to the upside, bolstering the Fed’s cautious approach. Even Jamie Dimon, the head of J P Morgan, urged the Fed to be careful, saying they can always cut rates quickly when they start, but cutting too soon is risky. He also had a bit of a go at crypto currencies, saying bitcoin has no practical use that is legal. I’m not sure what the practical use a share in J P Morgan has…

My second bite at bitcoin was taken out at breakeven by an intra-day spike down. When that happens, and there is no significant move against me, I try to get back in. I did that, via another pending order and so far, bite #3 is doing OK.

I’ll be back on Friday.

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