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

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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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