The market sustained further losses following an unanimous decision by the FOMC to further increase the fed fund rate by +0.25%. Comments made by Fed Chair Powell during the press conference failed to ease concerns over the ongoing banking crisis. Banking groups $KRE and $KBE declined by -1.8% and -1.6%, while several regional banks experienced significant losses after hours, with $PACW -52%, $WAL -22%, and $MCB -16%, indicating that the banking crisis is far from resolved.
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4/5/2023 Market Diary
1. $RSP -0.58% $QQQE -0.4% sustained further losses following an unanimous decision by the FOMC to further increase the fed fund rate by +0.25%. $IWM +0.37% as major constituents $IBB +0.67% $ITB +0.91%
2. Comments made by Fed Chair Powell failed to ease… pic.twitter.com/IU2UyJmxQQ
— Jeff Sun, CFTe (@jeffsuntrading) May 4, 2023
