Trading Plan – Monday 5th February 2024: Powell doubles down on no March rate cut

Mark NugentFebruary 2024, Trading Plan

Trading Plan – Monday 5th February 2024: Powell doubles down on no March rate cut

Good afternoon.

It’s a sparse economic calendar we have this week. I am struggling to pinpoint the highlight of the week. What often happens in weeks like this is the dreaded “events”. Maybe that’s to do with traders looking for things to move the markets because their bosses don’t like hearing that there is nothing to do. I’ve been there.

Over the weekend Fed Chair Powell told CBS’s “60 Minutes” that it is unlikely that there will be a rate cut in March. He said the same thing after last week’s FOMC rate setting meeting. So that’s the message. The FedWatch tool says the same, so the traders have got the message.

As always, I go through my trading themes for the week in the video.

I’ll be back tomorrow.

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