Monday’s lack of economic data made investors focus on the Fed’s Higher for Longer FFR. Speculation that the Fed again raised the FFR by +25 Bps in February and March 2023, pushing the Upper Bound FFR to the level of 5% while increasing the US economy in 1Q23 to become expensive. Wall Street earlier in the week moved lower, with the Nasdaq depreciating by 160 points or leading Wall Street’s decline.
NHKSI Research projects that JCI today has the opportunity to move sideways or continue the consolidation phase. Earlier in the week, JCI closed below the psychological level of 6,899, as the Technology Sector continued to weaken by up to 2%. The lack of economic data on Monday has made investors tend to Wait and See as they look forward to the BI RDG results on Thursday.
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