ECB targets inflation at 2.3% in 2024

Christine Lagarde, the president of the ECB, claims they will raise interest rates further to fight inflation. The ECB targets 5.5% inflation in 2023 and 2.3% inflation in 2024. And thus, it is expected that risk-on assets could suffer as a result in the upcoming months.

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Canada’s inflation drops

Canada’s annual inflation rate dropped to 5.2% from the previous month’s 5.9%. This is the lowest reading since January 2022 and falls short of the market’s projection of 5.4%. Core inflation decreased as well, from 5% to 4.7%.

Amazon fires 9,000 of its employees

The Big Tech layoffs continue, now with Amazon. The company is reportedly firing 9,000 people, according to Andy Jassy’s memo to staff.

EU inflation falls, core inflation rises

The annual inflation rate in the Euro Area dropped as expected from 8.6% to 8.5%. The core CPI grew from 5.3% to 5.6%, also exactly in line with market estimates.

ECB raises interest rates by 50 bps πŸ’₯

The ECB delivered another rate hike of 50 basis points (bps), from 3% to 3.5%. This is the highest since 2008, a 350 bps increase in the last 9 months.

Inflation levels fall

The annual inflation level in Italy fell from 10% to 9.1%. Australians’ inflation slightly dropped from 5.1% to 5%. Mongolia is a similar case, easing from 12.3% to 12.2%. Inflation in Somalia decreased from 5.6% to 5.4%.

BlackRock sees more danger ahead

Executive Chairman of BlackRock, Laurence Fink, warned that the banking crisis could get far beyond the collapse of Silicon Valley Bank. More banks, in his opinion, will go under, and inflation will likely hover around 3.5–4% for quite some time.

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EUR gains on all fronts

The euro strengthened against all fiat currencies, supporting the ongoing trends. EUR/AUD jumped 1.5%, while EUR/JPY and EUR/GBP are up 1.2%.

Texas introduces a Bitcoin bill

Texas introduced a bill that should protect Bitcoin miners, holders, and developers. The bill explains how Bitcoin made several technological breakthroughs, including blockchain and distributed ledger.

FRC gains 30% amid banking mayhem

After a banking bloodbath for the past few weeks, First Republic Bank (FRC) gained 30%. The stock jumped from $12 to $16, but is still down from $120 three weeks ago.

Canada’s inflation drops

Canada’s annual inflation rate dropped to 5.2% from the previous month’s 5.9%. This is the lowest reading since January 2022 and falls short of the market’s projection of 5.4%. Core inflation decreased as well, from 5% to 4.7%.

Crypto optimism grows

After Balaji made a bet that Bitcoin would hit $1 million, Strike CEO, Jack Mallers, joined him. This is due to fears of hyperinflation in the US. In the meantime, the fear and greed index reached 16-month highs, bringing euphoria to the crypto market.

Florida Governor wants to ban CBDCs

Florida Governor Ron DeSantis called for a ban on central bank digital currencies (CBDCs). He pointed out some negative effects, including higher surveillance over citizens or a cap on CBDC holdings.

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