The DC Today - Wednesday, February 21, 2024
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 21 February 2024
⏱️ 6 minutes
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Summary
Today's Post - https://bahnsen.co/3T6zpmI
We began the day positive at least for the few hours and lost momentum mid day. The Fed minutes released today showed broad agreement in the need for more confidence for inflation moving to a sustained 2% target before decreasing rates. While this wasn’t new information and followed what Powell already revealed in statement and his press conference following the meeting, the minutes showed more Fed constituents citing inflation risks with as their primary concern then overly restrictive rate policy, and that is what saw rates move a little higher this afternoon and stocks lower.
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Transcript
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| 0:00.0 | Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:13.9 | Hello, welcome to D.C. today, this lovely Wednesday, today is February the 21st. And we actually closed up on the market today, |
| 0:23.6 | which was nice. We opened a little positive or lower for most of the day until about an hour |
| 0:29.4 | before the close and then ended up closing at the highs. We closed up 48 points on the Dow, |
| 0:34.4 | which is great. Big news, I guess for the day. I guess there were a few things. |
| 0:38.3 | The Fed Minutes were released from their January meeting, most of which was a reiteration of what |
| 0:45.1 | Powell commented in his statement following the meeting itself and then his press conference |
| 0:50.2 | afterwards. So, you know, the need or the want for more confidence is what they |
| 0:56.1 | keep saying with inflation being at 2% sustainably before they can lower interest rates was |
| 1:02.5 | pretty much across the board. There was definitely more constituents inside of the minutes |
| 1:07.1 | that were worried about inflation over over restrictive policy causing a slowdown. |
| 1:12.8 | So you can read into that two ways. I actually look at that as I suppose glasses have full |
| 1:17.7 | because them being not concerned or less concerned about the strength of the economy, |
| 1:23.3 | given all the strength that there is in the economy, is not a bad thing. That's a good thing. |
| 1:27.1 | And I get that they don't want to have to stop and go like the 70s. I don't get why people |
| 1:31.1 | compare this era to that era because they're completely, totally not even close to the same at all. |
| 1:37.2 | The causes of inflation and the economy and all those sorts of things. But at the end of the day, |
| 1:41.9 | if that's what they're concerned about, that's fine. |
| 1:45.2 | And what we said is basically, whether it is May or June, you know, when they start lowering |
| 1:51.1 | interest rates or whether it's three times or four times or five, you know, I mean, those things |
| 1:56.4 | matter and they sort of don't. I mean, the end of the day, what matters is that the economy is hanging in. |
| 2:01.9 | earnings have come out pretty good, quite good, actually. And inflation is moving substantially lower. |
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