This week was brimming with economic narratives. From Bill Ackman‘s bet on an early Federal Reserve rate cut to gold prices inching toward all-time highs, the markets saw a flurry of activity. Meanwhile, the US GDP growth for Q3 2023 topped initial estimates, showcasing the strongest expansion since Q4 2021. Among the other significant stories were the Federal Reserve’s projected income shortfall and Fed Chair Powell’s cautious tone on inflation.
Bill Ackman Bets on Early Fed Rate Cut: Billionaire founder of Pershing Square Capital Management, Bill Ackman, anticipates the Federal Reserve to initiate interest rate cuts sooner than market predictions. Despite the absence of any rate cuts since the steepest rate hike in 40 years in March 2022, Ackman predicts the cuts could take place as early as the coming quarter. Read the full article here.
Gold Prices Nearing All-Time Highs: Gold prices have surged past the $2,040 per troy ounce mark on Tuesday, a level not seen since May 2023. The bullion is now within striking distance of its all-time highs at $2,081, hit during the volatile session on May 4, 2023.