Dallas Fed's Logan Sees Need for 50+ Basis Points More in Rate Hikes
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
Dallas Fed President Lorie Logan said she currently estimates the target range needs to rise an additional 50 basis points or more. She added that inflation is falling as transitory factors fade, but trending only to mid 2s, not down to 2%. This is a hawkish signal from a voting FOMC member, suggesting the Fed may not be done tightening. The Nasdaq is trading near its 52-week high, making it vulnerable to higher rate expectations. The comment comes after the Fed raised rates by a quarter point on September 16 and signaled one more hike. Traders will watch upcoming Fed speeches and the next FOMC meeting for confirmation.
At the time of this announcement, IXIC was trading at $26,871.60 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Mace News.