Breakfast Bites - Bitcoin soars

US Govt Shutdown averted; US GDP Revised lower; Rent Inflation to stay high

Author

Ayesha Tariq
February 29, 2024

Rise and shine everyone.

A macro-heavy news day today with the primary focus - US PCE inflation data at 8:30 am ET. With the CPI data coming in hotter than expected, all eyes will be on this number to determine the future rate path. Remember, PPI also came in above expectations and that feeds into the PCE number to a certain extent. The expectations may be priced in but, a surprise could still move markets with month-end rebalancing flows that could see stocks down -1.5%.

Other major macro releases include inflation across Europe where France and Spain have reported lower inflation numbers than consensus estimates and Germany is set to report at 8 am ET. And in other news, India delivers 8.4% GDP growth for the fourth quarter of 2023 against the consensus of 6.6% and the prior quarter’s 7.6%!

But the big news for the markets is certainly Bitcoin at $62,000, at one point crossing $63,500! US Equity futures are trading lower this morning, as is Gold. Yields and Crude Oil are trading higher.

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