TradeUP Thursday
Nov 02, 2023
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• Why is the Federal Reserve holding rates?
• What is the Bank of Japan’s monetary policy?
• What will Biden and Xi discuss in San Francisco? 
Dow Jones S&P 500 Nasdaq
33,483.09 (+0.63%) 4276.83 (+0.92%) 13,224.54 (+1.25%)
Opening price as of 11/02/2023 compared to last close
Fed keeps rates unchanged, while revising its evaluation of economic growth
The Federal Reserve, in its recent meeting, decided to maintain the benchmark interest rates within a target range of 5.25% to 5.5%, marking the second consecutive time where they held rates. The post-meeting statement indicated that the economy had expanded strongly in the third quarter, with employment gains moderating but remaining robust. Inflation, though slowing from its rapid pace in 2022, still exceeded the Fed's 2% annual target. While the Fed maintains its current stance, market expectations are shifting, with bond yields surging, and policymakers are contemplating the balance between inflation control and economic growth. Market projections indicate the potential for a rate cut around June 2024. Read more

Bank of Japan loosens grip on rates as prices rise, markets bet on bigger pivot
The Bank of Japan has clarified that its recent policy adjustment does not mark the start of a tightening cycle. Deputy Governor Shinichi Ichida emphasized the necessity of maintaining ultra-easy monetary policy to support changes in wage- and price-setting behavior in firms. Despite persistent inflation above the 2% target and increasing wages, the Bank of Japan is not considering raising short-term interest rates. This stance contrasts with the global trend of tightening monetary policies in response to rising inflation. The central bank aims to strike a balance between easing and side effects as inflation expectations rise. Read more

Biden and Xi Will Meet in San Francisco Next Month
Both leaders will be attending the Asia-Pacific Economic Cooperation (APEC) summit in mid-November, though specific details of the meeting were not disclosed. The discussions are expected to cover a range of key issues, including concerns about China's relationship with Russia, its stance on Taiwan, and broader geopolitical matters. President Biden has emphasized strategic competition in the U.S.-China relationship while seeking to counter China's influence in the Indo-Pacific and Africa. This upcoming meeting follows a recent meeting with Chinese Foreign Minister Wang Yi in Washington and reflects the ongoing dialogue between the two leaders, as President Biden often mentions his past interactions with President Xi. Read more

“I think they’re right to pause here a little bit and see what happens, but I suspect that they may not be done [increasing rates]. I think there's a chance that inflation is just a little stickier than people think and their fiscal and monetary stimulus in the last several years is more than people think. Unemployment is very low. We'll see."
– Jamie Dimon, CEO of JPMoran Chase
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