It’s also expected that Trump-side politicians will pressure the Fed. Regardless of why rates were raised in the first place, this is an election year. The theory is that rate cuts will be a plus for Biden. So rates stay high, and Biden can be blamed for high rates.

This has nothing to do with reality.

Reality wasn’t invited.

Higher rates were inevitable. Trump said in 2019 that he wanted rates at zero. These are charity rates for big borrowers who then give retail credit at credit card rates, which aren’t exactly zero.

Any moron could make big money on those terms, and a lot of morons have. They’ve also cranked up prices for food and rent for the last nearly two years.

What’s moronic is that these rises and tantrum-based economics effectively devalue money. Your money buys less. Bills increase. The entire economy is subject to these bizarre whims.

The Fed doesn’t and can’t work like that. Those rates bring in money to help with government debt and expenditures. The Trump side are the ones who think debt and expenditure are critical. The fact that their guy Trump caused the biggest increase in US debt ever isn’t a topic for discussion.

The demand for money to pay debt and not destroy the entire global credit system isn’t negotiable. The US needs the money. It’d need a lot less money if these idiot savants of fiscal restraint paid taxes, but that’s hardly news.

The hysteria is less excusable. Check out this link on the history of US interest rates. See the percentages. At the absolute top, now, we’re talking about 5%. Interest rates in the real economy, the one you eat and pay bills in, are a lot higher.

When interest rates were lower, many depositors didn’t get any interest. That drained a lot of income for some people who thought they could survive on those rates.

Mortgages on fixed rates are usually ballpark for something like the 5% figure. We’re talking about levels of personal financial commitment and obligations. That’s not a topic, either.

The USA recently lost its AAA credit rating thanks to endless government spending “debates”. Cut spending, they say. OK – How about no new defense contracts, etc.? That’d cut spending, a lot. They normally prefer to cut social security.

The US bond market is now looking very menacing. A lot of money, meaning a lot of billions, is piling into that market. It’s been a 100% predictor of recessions, and those patterns of bond behavior are forming again. Bonds are debt issued by governments and businesses. The rates they pay must be good to be competitive and receive money from investors. So, rates rise.

This is a political and business culture that is effectively illiterate. If you borrow, you have to pay. If you lend, you have to receive interest of more than zero. How does anyone not know that?

For more avoidable disasters, contact your smiling local political ignoramuses.

The post Op-Ed: Interest rates and US politics – A terrible mix appeared first on Digital Journal.

The advances came as traders try to ascertain the Federal Reserve’s plans for interest rates this year, with focus firmly on the release this week of key inflation data.

The outlook was given a boost by Monday’s plunge in oil prices — a key driver of inflation — after Saudi Arabian giant Aramco announced a cut of $2 a barrel as it looks to regain lost market share.

Equities have stumbled into the new year as a rally at the end of 2023 came to an end on worries that investors may have been too optimistic that the Fed will slash interest rates as soon as March.

Confidence was given a jolt last week when minutes from the bank’s December policy meeting showed decision-makers were happy to keep rates at two-decade highs for some time to make sure they defeat inflation.

That was followed by a forecast-busting jobs report that showed the labour market remained in rude health, reinforcing the Fed view that there was still much work to do before officials could call mission accomplished.

Still, Fed governor Michelle Bowman said rates were at the level needed to bring inflation down to the bank’s two percent target.

“Should inflation continue to fall closer to our two percent goal over time, it will eventually become appropriate to begin the process of lowering our policy rate to prevent policy from becoming overly restrictive,” she said in prepared remarks at the South Carolina Bankers Association in Columbia. 

With eyes on the upcoming consumer price index figures, SPI Asset Management’s Stephen Innes said: “If current cooling estimates hold, the month-on-month increase is anticipated to be 0.3 percent, marking the slowest pace of annual core price growth since May 2021.

“This is expected to be perceived positively for risk markets, reinforcing the optimism for market-based rate cuts.”

On Wall Street, all three main indexes powered higher, with the Nasdaq up more than two percent.

And Asia picked up the baton, with Tokyo, Hong Kong and Sydney jumping more than one percent, while Shanghai, Seoul, Singapore, Manila and Wellington were also on the rise.

Oil prices edged up slightly but made little headway into the steep Monday losses that came after Aramco’s move, which fanned concerns that supply was far outstripping demand, particularly with China’s economy still struggling.

The commodity in 2023 suffered its first annual loss since Covid-ravaged 2020 as non-OPEC+ producers filled in for output lost through cuts by Riyadh and other members of the cartel.

Analysts said prices could be even lower if it was not for geopolitical tensions in Ukraine and the Middle East.

Bitcoin was sitting around $46,500, having broken $47,000 on Monday for the first time since April 2022 on bets US regulators will approve exchange-traded funds that invest directly in the cryptocurrency.

– Key figures around 0230 GMT – 

Tokyo – Nikkei 225: UP 1.4 percent at 33,858.63 (break)

Hong Kong – Hang Seng Index: UP 1.1 percent at 16,402.12

Shanghai – Composite: UP 0.3 percent at 2,897.34

West Texas Intermediate: UP 0.3 percent at $71.01 per barrel

Brent North Sea Crude: UP 0.5 percent at $76.46 per barrel

Dollar/yen: DOWN at 143.59 yen from 144.19 yen on Monday

Euro/dollar: DOWN at $1.0961 from $1.0963

Pound/dollar: UP at $1.2760 from $1.2740

Euro/pound: DOWN at 85.93 pence from 85.88 pence

New York – Dow: UP 0.6 percent at 37,683.01 (close)

London – FTSE 100: UP 0.1 percent at 7,694.19 (close)

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United has “found instances that appear to relate to installation issues in the door plug — for example, bolts that needed additional tightening,” the carrier said.

On Friday, an Alaska Airlines passenger plane made an emergency landing after the door plug component blew out.

“We’re working to return our Boeing 737 MAX 9s to service in the days ahead,” United said in a statement.

United has canceled 200 MAX 9 flights since the incident and expects “significant cancelations” on Tuesday, the carrier said.

A door plug is a cover panel used to fill an unneeded emergency exit in planes with smaller seat configurations.

Following the Alaska Airlines incident, the Federal Aviation Administration (FAA) ordered operators to ground 171 jets with the same configuration.

US investigators continue to probe Friday’s incident, but analysts have posited that the fault may stem from a manufacturing or quality control defect.

With 79 MAX 9 planes, United has the largest fleet of the aircraft in question.

On Monday, the FAA announced that it approved a roadmap for carriers to complete inspections that include both left and right door plugs, components and fasteners.

However, United said it was still awaiting final approval on the full inspection process.

In December, Boeing urged airlines to undertake additional inspections to check for loose hardware on plane rudder control system after an international operator discovered a bolt with a missing nut while performing routine maintenance.

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For many Angelinos, a car is like a second home. Taking care of it is a form of self-care, ensuring safety and comfort. Auto Creative Mobile Cosmetic Auto Repair service has been committed to this mission for eight years, saving you the inconvenience of using a temporary car while yours is being repaired.

Auto Creative prioritizes three key elements: quality, speed, and fair prices. Meet Yuliya Marchenko and Nikita Sevostyanov, the owners of Auto Creative Mobile Cosmetic Body Shop. They’ll share how they seamlessly bring it all together. Discover a car service that prioritizes your comfort, and satisfaction. Join them in making your car care experience hassle-free.

Hello! You’ve specialized in cosmetic car repairs for eight years. Can you shed light on the common issues people encounter when they come to you? How do you address and resolve them?

Nikita: Time is a significant concern for Angelenos, and leaving your car at a body shop can be inconvenient due to the uncertain time frame for work execution. Some cases make sense if insurance is involved, but often the cost of damage aligns with the insurance deductible or slightly exceeds it, contributing to the already high insurance costs in LA.

That’s where our business steps in to help. We don’t keep your car for an unspecified period; we handle everything on the spot in hours, not days. We don’t involve insurance or report damages, our business is direct to the customer, aiming to swiftly resolve issues with quality and convenience.

How did your business kick off? Why specifically an auto service?

Yuliya: Our journey began from the necessity of fixing our own car before selling it. Later, my husband Nikita developed an interest in this field and underwent training in wheel repair and bodywork. For five years, he independently worked, providing a range of services from detailing to vinyl car wrapping. However, the diversity in services posed challenges to our growth. That’s why we decided to focus on two core areas — wheel repairs and minor auto body repair & painting. Since then, our business has flourished as we perfected these processes.

Subsequently, we started hiring and training employees. I left my job to immerse myself in the company’s internal processes, taking charge of human resources, marketing, and business development. Meanwhile, Nikita oversees all technical aspects, manages current clients, supervises specialists, and handles all technical matters.

Is it accurate to say that your main focus is on wheel and auto body repairs and painting? What makes your service stand out?

Nikita: Yes, these are the most popular services in our mobile shop. We not only professionally repair damages but also paint, matching the color of the panel using modern color-matching systems. Accurate color matching in painting is a time-consuming and, therefore, costly process. This often leads most businesses to resort to pre-mixed paint formulas from a paint store like Sherwin-Williams. In our service, we take color matching very seriously, employing a meticulous process that involves several stages: mixing the color according to the producer’s formula, creating a test card with this color, and gradually adjusting the color on the card to match the actual panel before painting, in case the factory formula differs from the real color of the car panel.

LA is a city exposed to strong sunlight and UV rays. The original color of the car starts changing over time due to fading, making the factory formula not always a perfect match. Additionally, it can happen that the panel has already been repainted, and the color of the previous paint job differs from the factory one.

We are among the few specialists in the city who follow this color-matching process. It’s also worth mentioning that we are Sherwin-Williams certified. We adhere to the philosophy of “satisfaction guaranteed.”

Since your business is mobile, is it accurate to say that all work is conducted outdoors? Can cars be painted outdoors?

Yuliya: Yes, we come to our clients and perform repairs right on their driveway or on the street. We use high-quality, fast-drying materials suitable for outdoor use. Nowadays, paint and coating technology has significantly advanced, making it easy to find fast-drying materials that solidify in just five to 10 minutes. With these materials, there’s simply no time for dust to settle on the painted area. We don’t just match the quality of paintwork done in a paint booth; we often do even better.

Our mobility allows us to avoid keeping the client’s car for an extended period, undoubtedly saving time and reducing stress for the car owner. Time is the most precious resource for our clients, and we highly prioritize it.

Do you have regular, loyal customers for your service? Additionally, do you specialize in specific car models?

Nikita: We work with all car brands, from Lexus and Toyota to BMW, Mercedes, Tesla, Lamborghini, and more. Over these eight years in the market, we’ve gained significant trust from clients and a substantial base of loyal customers. For nearly a year now, we’ve been exclusive partners for wheel repairs at Mercedes Benz Beverly Hills.

Also a significant portion of our client base consists of Tesla owners. In just the past year, we’ve repaired around 4,000 wheels. I firmly believe our employees could perfectly mix paints for a Tesla and its wheels even with their eyes closed if they were awakened in the middle of the night.

Regarding our loyal customers, some have been with us for the entire eight years. I believe we’ve achieved this by consistently providing top-quality service, always attentive to the requests and preferences of our clients.

Yuliya, in case of any issues or customer dissatisfaction with the quality, do you provide fixes, and is there a charge for that?

Yuliya: In any service-oriented business, hiccups can occur; they’re inevitable. What matters most is how you handle them. We follow the philosophy of ‘satisfaction guaranteed.’ At the point of job delivery, if something isn’t to the client’s liking, they are entitled to inform us, and we’ll promptly address the issue. Such cases are extremely rare.

As our company grows, we pay even closer attention to the quality of services provided — this includes regular employee training, education, and certifications from paint manufacturers. We are so confident in the quality of our work that we offer customers a Lifetime Warranty on our paint coating. Our reputation means a lot to us.

In conclusion, Yuliya, what are you aiming for in your business with your husband?

Yuliya: Of course, we aim to continue growing, ensuring even more people can access high-quality services without stress or hassle. In the near future, our plans include entering the Miami market in Florida, followed by expanding our services to Texas in the not-too-distant future. 

We believe people will appreciate the numerous benefits our business offers to them.

The post Auto Creative — an innovative approach in the field of body shops appeared first on Digital Journal.

Digital media has leveled the playing field in the food industry, enabling small, family-owned establishments to compete with the big players. A single viral post or rave review from an influential food blogger or a social media influencer can set off a domino effect, bringing in scores of new patrons eager to sample the latest gastronomic sensation. 

This phenomenon has ushered in a new era where the culinary world and digital space intersect, creating opportunities for businesses to connect with a wider audience. Nestled in the heart of Los Angeles is a true testament to this phenomenon — Easy Street Burgers.

This family-owned and operated establishment, known for its delectable burgers and fries, has leveraged the digital realm to amplify its reach and reputation, slowly becoming one of the most beloved eateries in the City of Angels.

Born out of a passion for delivering an experience rather than just a simple meal, Easy Street Burgers quickly made waves in LA’s food scene with its crispy but succulent smashburger, despite the challenging times of the COVID-19 pandemic when the eatery had to open, close and then reopen.

Their signature offering, the smashburger, has been lauded by patrons and critics alike for its balance of flavors and textures. Although it’s incredibly thin, each patty retains a juicy interior, with the edges cooked to a perfect crisp. The cheese adds a layer of creaminess, creating a harmonious blend of flavors in each bite.

Freddy Asatryan, one of the founding brothers of Easy Street Burgers, shares that the vision with which the eatery was founded was simple. “We wanted to create a burger that could bring joy to our community and share our passion for cooking. But, we never anticipated the overwhelming response we received online. It’s incredible to see how our passion project has resonated with so many different people.”

Easy Street Burgers has certainly made quite a splash in the world of food connoisseurs and enthusiasts. Their innovative recipes, commitment to top-notch quality, and unpretentious charm have attracted the attention of some prominent figures, from renowned critics to worldwide famous TikTok influencers, like How Kev Eats and Keith Lee.

“The attention we got from these individuals has only fortified our mission. The feeling of seeing a familiar figure walk into your restaurant is indescribable, and we’re humbled and thankful for the trust that we’ve enjoyed so far,” Freddy shares.

Yet, beyond their own spectacular success, Easy Street Burgers’ story underscores the significant impact that digital popularity can have on local businesses. It’s no longer just about having a prime location or a vast marketing budget. Instead, it’s about delivering a top-notch culinary experience that resonates with customers and gets people talking online.

This has greatly leveled the playing field, allowing smaller businesses to compete successfully with larger, already established enterprises, something which was nearly impossible before.

For Freddy and his team, the recent fame is only a reason for further improvement. Speaking about future goals, he says that the opening of a second location is currently underway. Most of all, the team is steadfast in its mission to provide extraordinary culinary experiences, ensuring each bite of its signature meals delights and inspires.

As he says, “Our passion for quality goes beyond the grill. Every meal we serve is a promise — a promise of excellence, consistency, and an unforgettable taste.”

The post Digital stardom unveiled: The unstoppable rise of Easy Street Burgers appeared first on Digital Journal.

US and European oil futures fell around four percent after top exporter Saudi Arabia cut the price of its crude, weighing also on shares of energy majors, analysts said.

“This all adds to concerns that the global market is drowning in oil that it can’t use up quickly enough, even at attractive prices for consumers,” said market analyst David Morrison at Trade Nation.

“No doubt the ongoing geopolitical tensions across the Middle East are preventing an even steeper sell-off,” he added.

On Wall Street, both the S&P 500 and Nasdaq pushed higher.

But the Dow dipped 0.2 percent, pulled down by shares in Boeing, which slumped almost nine percent after a mid-air emergency on Friday in which a piece of fuselage came off a 737 MAX 9 jetliner as it flew over the US west coast. They were down 6.5 percent in late morning trading.

Shares in Alaska Airlines, whose airliner suffered the blowout of the door panel, initially lost nearly six percent, but clawed back most of those losses.

CMC Markets analyst Michael Hewson called the incident a setback as Boeing is still trying to recover from the damage to its reputation after two crashes of 737 MAX 8 planes, in 2018 and 2019, caused by flaws in the flight control software.

“This most recent incident raises a host of new questions about Boeing’s quality control as well as manufacturing processes, at a time when confidence in the 737-MAX is already wafer thin,” said Hewson.

European stocks ended higher, although London only turned barely positive in the final minutes of trading. The drop in oil prices weighed on energy shares, with Shell down 2.9 percent as investors reacted to a mixed trading update ahead of the British oil major’s annual earnings due next month.

A selloff in tech giants hammered Hong Kong, while Shanghai was also deep in retreat. Tokyo was closed for a holiday.

Keenly awaited non-farm payrolls data released on Friday showed the US economy remained resilient despite interest rates sitting at a two-decade high and inflation still well above the Federal Reserve’s target.

The figures dealt another blow to expectations the central bank would start to cut borrowing costs in the next few months.

“Friday’s US jobs report brought fresh concerns over the likeliness of the Fed to cut rates in March as markets have been widely anticipating, with a hot payrolls figure coming alongside a higher wage growth reading,” said Joshua Mahony, chief market analyst at Scope Markets.

Attention now turns to the release this week of US consumer price figures.

“This report is destined to be a driving factor of the market’s rate-cut expectations,” said Patrick O’Hare at Briefing.com.

Equities ended 2023 with a surge as traders bet on a string of rate reductions this year thanks to falling inflation and a softening of the labour market.

But the release of minutes last week from the Fed’s December meeting showed decision-makers were happy to keep rates elevated for some time to make sure they have prices under control.

Policymakers have signalled 75 basis points of cuts this year, but markets have priced in as much as 150 points, leaving investors open to disappointment.

– Key figures around 1630 GMT – 

West Texas Intermediate: DOWN 4.5 percent at $70.48 per barrel

Brent North Sea Crude: DOWN 3.9 percent at $75.70 per barrel

New York – Dow: DOWN 0.2 percent at 37,388.65 points

New York – S&P 500: UP 0.5 percent at 4,721.41

New York – Nasdaq: UP 1.1 percent at 14,686.15 

London – FTSE 100: UP less than 0.1 percent at 7,694.19 (close)

Paris – CAC 40: UP 0.4 percent at 7,450.24 (close)

Frankfurt – DAX: UP 0.7 percent at 16,716.47 (close)

EURO STOXX 50: UP 0.5 percent at 4,485.48 (close)

Hong Kong – Hang Seng Index: DOWN 1.9 percent at 16,224.45 (close)

Shanghai – Composite: DOWN 1.4 percent at 2,887.54 (close)

Tokyo – Nikkei 225: Closed for a holiday

Euro/dollar: UP at $1.0974 from $1.0942 on Friday

Dollar/yen: DOWN at 143.84 yen from 144.69 yen 

Pound/dollar: UP at $1.2755 from $1.2718

Euro/pound: UP at 86.03 pence from 86.01 pence

burs-rl/bc

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EU competition chief Margrethe Vestager said the aid, equivalent to $985 million, is the first granted under a system set up last year to counter the massive subsidies on offer under Washington’s Inflation Reduction Act.

“It is Germany who matches the aid that Northvolt would otherwise have been given due to the Inflation Reduction Act in the US,” Vestager said.

Vestager said that if no state aid had been offered in the European Union then Northvolt’s investment would gone across the Atlantic. 

“Either we could do nothing….or we can enable that a member state can match the aid in order for the investment to take place here,” she said.

Germany’s Deputy Chancellor Robert Habeck dismissed concerns that his country’s economic might mean other EU countries could not compete and said the main competition was between Europe and other world powers. 

“Imagine we would be completely dependent in forms of renewable energy on the production of China or the US,” he said on a visit to Brussels.  

“That is a threat for the future. So the investments we’re talking about are investments in our economic security.”

The EU has been scrambling to stop investment in key green technologies from going to the United States as the IRA funnels some $370 billion into subsidies, including tax breaks for US-made electric vehicles and batteries.

The EU adopted a text last year allowing its member states to match subsidies on offer from other countries if it will stop firms working on green technologies turning away from Europe.

The factory to be built in Germany’s northern Schleswig-Holstein region will be the first constructed by Sweden’s Northvolt outside its home country. 

The project — which aims to have a capacity to produce batteries for around one million electric vehicles a year — should reach full capacity in 2029. 

The post EU approves 900-mn-euro German aid for battery plant appeared first on Digital Journal.

Rolls delivered 6,032 cars around the world — the largest amount in its 119-year history — “despite continuing economic uncertainties and market volatility”, the company said in a statement.

Deliveries, also described as sales by the group, were largely flat over the year, with 11 more vehicles handed over to clients compared with 2022, it added.

The United States was the group’s biggest market in 2023, followed by China.  

Last year “was another extraordinary year for Rolls-Royce, with strong sales performances in all regions and across the full product portfolio”, said new chief executive Chris Brownridge. 

“I’m in the extremely fortunate position of taking over responsibility for a business in robust good health, with strong foundations and a clear strategy for growth and development, formidable technical capabilities and a focused, dedicated team,” he added in the statement.

Predecessor Torsten Muller-Otvos departed the group in November, having led the group since 2010 and overseen record-breaking performances.

Founded at the beginning of the 20th century, the emblematic British car brand became part of German auto giant BMW in 1998.

Rolls-Royce cars are produced in Goodwood, southern England.

The post Rolls-Royce delivers record number of cars in 2023 appeared first on Digital Journal.

Leeper sees a growing area where data becomes a central component of intelligent business strategies and robust IT systems.

Artificial intelligence

Leeper begins his analysis by considering the rate of change and take up of artificial intelligence in the sector: “As artificial intelligence (AI) continues to weave into the fabric of modern business, the year 2024 is likely to witness a surge in the demand for enhanced data insight and mobility.”

This increase in the use of AI will become bound up with company strategy, Lepper foresees: “Companies will need to gain insight into their data to strategically feed AI and machine learning platforms, ensuring the most valuable and relevant information is utilized for analysis. This granular data insight will become a cornerstone for businesses as they navigate the complexities of AI integration.”

Data mobility

A key change will be data mobility, as Leeper predicts: “The mobility of data will emerge as a critical factor, with the need to efficiently transfer large and numerous datasets to AI systems for in-depth analysis and model refinement. The era of AI adoption will not just be about possessing vast amounts of data but about unlocking its true value through meticulous selection and agile movement.

Flash storage

Another area of change is with storage. Leeper sees: “The trajectory of storage technology is also poised for a significant shift as the year 2024 approaches, with declining flash prices driving a broad-scale transition towards all-flash object storage systems. This shift is expected to result in superior system performance, catering adeptly to the voracious data appetites and rapid access demands of AI-driven operations.”

This brings with it some integration challenges: “As flash storage becomes more financially accessible, its integration into object storage infrastructures is likely to become the norm, offering the swift performance that traditional HDD-based object storage and scalability that NAS systems lack. This evolution will be particularly beneficial for handling the large datasets integral to AI workloads, which necessitate rapid throughput and scalability. Consequently, a data mobility wave may be seen, with datasets and workloads being transferred from outdated and sluggish storage architectures to cutting-edge all-flash object storage solutions. Such a move is anticipated not just for its speed but for its ability to meet the expanding data and performance requisites of burgeoning AI initiatives.”

Data management

In terms of managing data, Leeper considers: “Also importantly, in 2024, the landscape of data management will undergo a profound transformation as the relentless accumulation of data heightens the necessity for robust management solutions. According to Gartner’s projections, by 2027, it is expected that no less than 40 percent of organizations will have implemented data storage management solutions to classify, garner insights, and optimize their data assets, a significant leap from the 15 pecent benchmark set in early 2023. This trend is likely to be propelled by the relentless expansion of data volumes, outpacing the rate at which companies can expand their IT workforce, thus elevating the indispensability of automation for data management at scale.”

Other changes with data control include: “2024 is set to be a pivotal time for data management, with a shift towards API-centric architectures for meshed applications gaining traction. As customers increasingly demand that data management vendors offer API access to their functionalities, we are likely to see a mesh of interconnected applications seamlessly communicating with one another. Imagine ITSM (IT Service Management) and/or ITOM (IT Operations Management) software triggering actions in other applications via API calls in response to tickets — this interconnectedness will become commonplace. The trend towards API-first strategies will likely accelerate, driven by the desire to embed data management more integrally within the broader IT ecosystem.”

This means, says Leeper: “The development of self-service applications will flourish, enabling automated workflows and facilitating access to data management services without the need for manual oversight. This move towards a more integrated, automated IT environment is not just anticipated; it is imminent, reflecting a broader shift towards efficiency and interconnectivity within the technological landscape.”

Risk management

Lepper’s final area is with risk management, an ever present concern for businesses: “Finally, as we look toward 2024, we predict that an intensified focus on risk management will become a strategic imperative for companies worldwide. Governance, risk, and compliance (GRC) practices are anticipated to receive heightened attention as companies grapple with the complexities of managing access to data, aging data, orphaned data, and illegal/unwanted data, recognizing these as potential vulnerabilities. Moreover, immutable object storage and offline archival storage will continue to be essential tools in addressing the diverse risk management and data lifecycle needs within the market.”

The post IT needs to focus on ‘intelligent business strategies’ throughout 2024 appeared first on Digital Journal.

The keenly awaited non-farm payrolls data Friday showed the world’s number one economy remains resilient despite interest rates sitting at a two-decade high and inflation still well above the Federal Reserve’s target.

However, they dealt another blow to expectations the central bank will begin to normalise monetary policy in the next few months.

Equities ended 2023 with a surge as traders bet on a string of reductions this year thanks to falling inflation and a softening of the labour market.

But the release of minutes last week from the Fed’s December meeting showed decision-makers were happy to keep rates elevated for some time to make sure they have prices under control.

Policymakers have signalled 75 basis points of cuts this year, but markets have priced in as much as 150 points, leaving investors open to disappointment.

“The first week of 2024 brought contradictory data signals,” said Barclays economists including Christian Keller.

“Solid US jobs growth, cautious Fed minutes and a still robust US economy raise doubts about markets’ aggressive Fed rate-cut expectations.”

However, a sharp slowdown in the key services sector provided some solace for investors as it suggested the economy was slowing, giving the Fed wiggle room.

Bloomberg said swaps traders were still eyeing about 140 basis points of easing this year, with about a two-thirds chance of a March move.

All three main US indexes ended slightly higher but that optimism was not apparent in Asian trading Monday, with Sydney, Seoul, Singapore and Wellington all in the red. Tokyo was closed for a holiday.

Hong Kong and Shanghai led the retreat, with Saxo’s Redmond Wong saying that while valuations were increasingly attractive “prevailing market sentiments remain sluggish, and the absence of catalysts suggests a lack of potential for a near-term rally”.

Attention now turns to the release later in the week of US consumer price figures.

“For those seeking macroeconomic clarity, the situation remains pretty elusive,” said SPI Asset Management’s Stephen Innes.

“While there is a plausible argument that the US labour market has effectively normalised, uncertainties persist in a market characterised by ongoing concerns about an indeterminate macroeconomic landscape amid the long wait for a recession that may or may not ever arrive — hinting at the potential for a volatile year ahead.”

– Key figures around 0230 GMT –

Hong Kong – Hang Seng Index: DOWN 1.5 percent at 16,286.66

Shanghai – Composite: DOWN 1.0 percent at 2,900.65

Tokyo – Nikkei 225: Closed for a holiday

Dollar/yen: DOWN at 144.50 yen from 144.69 yen on Friday

Euro/dollar: UP at $1.0944 from $1.0942

Pound/dollar: DOWN at $1.2716 from $1.2718

Euro/pound: UP at 86.05 pence from 86.01 pence

West Texas Intermediate: DOWN 0.8 percent at $73.20 per barrel

Brent North Sea Crude: DOWN 0.8 percent at $78.13 per barrel

New York – Dow: UP 0.1 percent at 37,466.11 (close)

London – FTSE 100: DOWN 0.4 percent at 7,689.61 (close)

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