[US Market News] S&P nearly unchanged, assessing rate cut pace -¥151.10

October 23, 2024 5:51 JST (excerpt)
Expected US interest rate cut range until September next year has narrowed by more than 10 bp since the previous week.
Exposure to S&P has fallen to levels that have previously led to a 10% decline - citi.
On the 22nd, the U.S. stock market saw the S&P 500 index close nearly unchanged. Amid uncertainty about the pace of U.S. rate cuts, the market lacked direction.

The market is seeing a significant decline in expectations for rate cuts. In addition to the resilience of the U.S. economy, cautious statements from U.S. monetary officials about the pace of future rate cuts are weighing on sentiment. Rising oil prices and concerns over expanding budget deficits under the new administration are further increasing market worries. The market's expectations for the extent of rate cuts until September next year have narrowed by just over 10 basis points (bp, 1 bp = 0.01%) since the end of last week.