Linea Mercati Interview 3/27/24
March 28, 2024Wall Street ends up, record for the S&P 500 index
March 28, 2024Fresh U.S. GDP and labor data “raises the chances of less rate cuts this year,” Spartan’s Peter Cardillo says in a note. The 4Q GDP final estimate was increased to 3.4% from 3.2%, while weekly jobless claims decreased to 210,000 from 212,000, both indicating a strong economy. Markets, however, keep pricing an initial 25-basis point interest rate cut by the Fed in June, followed by at least two more though year end. February core annual PCE inflation, due tomorrow, is expected by economists surveyed by The Wall Street Journal to keep January’s 2.8% pace, above the Fed’s 2% target. Markets will be closed for Good Friday holiday.