ECB NOT DETERRED BY BANKING CRISIS, CREDIT SUISSE BORROWS $54B, STRONG NEW ECONOMIC DATA
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
European Central Bank
Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).
Note the following:
- European Central Bank (ECB) is undeterred from the banking crisis. ECB raised its key interest rate by 50 basis points.
- The momo crowd is very disappointed. The momo crowd was hoping for no rate hike.
- Early buying in stocks has turned into selling on the ECB rate decision.
- The ECB is the Fed’s cover to potentially raise interest rates by 25 basis points next week.
March 16, 2023