Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
U.S. initial jobless claims ticked lower last week, but not by much. Unemployment insurance filings still remain near historically low levels.
The Jobless Number: Jobless claims decreased by 1,000 for the week ending Oct. 29 to 217,000 from the previous week's revised level of 218,000, according to data the Labor Department released Thursday.
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The number came in below average economist estimates of 222,000.
Related Link: Why The Fed's Language On Interest Rates Is Moving Markets Wednesday - 'We Will Stay The Course Until The Job Is Done'
Here's a breakdown of the numbers:
- The previous week's level of 217,000 was revised up by 1,000.
- The 4-week moving average was 218,750, a decrease of 500 from the previous week's revised average.
- The previous week's average was revised up by 250 from 219,000 to 219,250.
- Continuing claims came in at 1.238 million in the week ended Oct. 22 — an increase of 11,449 (0.9%) from the preceding week.
Why It Matters: The SPDR S&P 500 (NYSE:SPY) traded lower late Wednesday after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time, and it's continuing to fall Thursday morning.
The Fed statement included language surrounding the cumulative tightening of monetary policy and the lag with which it affects inflation, which sent stocks racing higher on the release.
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Related Link: How Jerome Powell Swung The Market Pendulum As He Went From 'Dovish' And 'Pivot' To Most 'Hawkish'
In a press conference following the statement, Federal Reserve chair Jerome Powell highlighted new data since the last meeting and the market turned sharply lower.
"At some point, as I've said in the last two press conferences, it will become appropriate to slow the pace of increases as we approach the level of interest rates that will be sufficiently restrictive to bring inflation down to our 2% goal. There is significant uncertainty around that level of interest rates, even so, we still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected," Powell said.
The Fed's continued rate hikes are expected to eventually slow the economy and spur layoffs, but the labor market continues to show resilience.
"The historical record cautions strongly against prematurely loosening policy. We will stay the course until the job is done," Powell said.
The Fed's final meeting of the year is scheduled for Dec. 14.
SPY Price Action: The SPY was down 0.92% at $371.43 Thursday morning, according to Benzinga Pro.
Next: What The Fed's Latest Interest Rate Hike Means For The Crypto World
Photo: Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.