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Stay informed with XM Live Education, your go-to platform for live learning sessions. Turkish Central Bank Governor Fatih Karahan and Finance Minister Mehmet Simsek are set to meet with foreign investors in Istanbul to discuss Turkey’s efforts to combat inflation. Don’t miss out on the latest news and insights from the financial world!
US Consumer Price Index (CPI) Expected to Rise by 3.4% in April 2024
The US Consumer Price Index (CPI) for April 2024 is anticipated to rise by 3.4% year-over-year, slightly below the previous month’s increase. Market analysts and traders are closely monitoring these inflation trends as they have significant implications for various sectors of the economy, with data suggesting a trend of inflation fluctuating around projected figures.
Inflation remains stubbornly high, posing dilemma for the Fed
Consumer prices rose 3.5% in March, slightly higher than economists predicted, marking a slight pick-up from February. Inflation remains stubbornly high, posing a dilemma for the Federal Reserve as policymakers aim for a 2% target before considering interest rate cuts. Factors contributing to inflation include rising rents, car insurance costs, and increasing gas prices due to rallying oil prices.
India’s Retail Inflation Eases to 5.09% in February
India’s retail inflation eased to 5.09% in February, slightly dropping from the previous month’s 5.10%. This aligns with economists’ expectations and remains within the RBI’s tolerance band. Additionally, the article provides insights into India’s industrial production growth and the RBI’s inflation forecast.
Egyptian Inflation Accelerates Unexpectedly
Egyptian inflation unexpectedly accelerated in February, reaching a record high in consumer prices. The inflation spike was driven by soaring food and beverage prices, leading to a significant interest rate hike. This comes after the much-anticipated flotation of the pound and a new $8 billion deal with the IMF. President Abdel-Fattah El-Sisi cited national security and economic organization as reasons for the currency move, which was also supported by a $35 billion investment deal with the UAE.
Stock Market Plummets After Release of Hotter-Than-Expected Inflation Data
The stock market saw a significant drop as the Dow Jones Industrial Average lost 516 points, the S&P 500 and Nasdaq Composite also slid. The cause was hotter-than-expected inflation data for January, leading to concerns about the Federal Reserve’s rate cuts. Tech giants like Microsoft and Amazon suffered losses, while JetBlue Airways and Hasbro experienced individual challenges. Bitcoin also declined to $48,543.35 after the CPI report, impacting related stocks like Coinbase and Microstrategy.