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Markets await new forecasts from Fed members (SEB Bank)

Rinkos laukia naujų Fed narių prognozių (SEB bankas)

US markets hit new highs yesterday ahead of the Fed meeting and inflation data. May inflation readings will be released before US markets open today. The general consensus of analysts expects inflation to remain unchanged at 3.4 percent, but due to falling fuel prices, the monthly price change should reach just 0.1 percent.

Later in the evening, investors will be treated to the key event of the week, the Fed's interest rate decision. No change is expected – interest rates should remain unchanged for the 7th meeting in a row. Most of the attention will be paid to the rhetoric of bank managers and updated forecasts of interest rates (dot-plot graph). At the March update, the median rate cut for this year signaled 3 rate cuts of 25 basis points each. It is believed that almost 3 months have passed, during which inflation has slowed down from 2 percent. target, Fed members will tend to lower their forecasts to 1 or at best 2 rate cuts for 2024.

Apple made a significant contribution to the new records of the US stock markets, which yesterday took the crown of the second largest company in the world, which was briefly lost to Nvidia. Although Apple's share price fell on Monday immediately after the presentation of new technologies, the company's value rose by over 3.5 percent yesterday. and set a new record. The main reason for this is speculation that a significant number of users will want to upgrade their phones in order to use the newly introduced technological solutions that are only available with the iPhone 15 Pro or newer or more expensive devices.

Yesterday, the main stock index of the Baltic countries, OMXB, was almost unchanged, and the turnover reached 2.1 million. euros. About a quarter of the total turnover was made up of trading in "Ignitis Grupė" shares. After the markets closed, the company announced a 1.4 times increase in investments in the network segment. Most of the attention will be paid to increasing the reliability and efficiency of the electricity grid, as well as the integration of renewable resources into the grid. Fitch upgraded the debt rating of Latvian financial company Eleving Group from B- to B. The company announced a few months ago that it was seeking an initial public offering (IPO), so such announcements can strengthen the company's credibility in the eyes of investors.

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