US stocks closed lower; Merval leads the gains again…

Good evening! OsoToro brings you the daily summary of the markets closing

🗽 On the streets of Wall Street:

Lost faith in US stock markets: Wall Street closed in the red on Friday and ended a choppy week thereafter Traders will be weighing the possibility that the US Federal Reserve’s rate hike cycle is far from over.

Specifically, swap traders are pricing in a one-in-ten chance of another U.S. rate hike at the Fed’s June meeting; Something that leaves behind the possibility that the central bank governors chose to pause.

on the New York Stock Exchange The market that fell the most was the Nasdaq Composite Index (CCMPDL), which returned 0.35% at the close of the session. The S&P 500 followed, down 0.16%, while the Dow Jones Industrial Average was little changed, down 0.03%.

Reports suggest that the Fed’s tightening campaign may have one final impact on inflation, While the central bank walks a tightrope between curbing price increases and turning the economy towards a slowdown.

Concern is also growing in the US markets due to recent statements by Treasury Secretary Janet Yellen about the need to raise the country’s debt limit. In an interview with Bloomberg Television, Yellen, who served as chair of the Federal Reserve in the past, said, “If Congress doesn’t, our credit rating will really suffer“.

Meanwhile, in an interview with PBS in the US, the President of the Federal Reserve Bank of Chicago, Aistan Goolsbee, considered that Inflation in the North American country remains very high and it is reported that the monetary entity rulers have sought to balance monetary decisions They take it short term. “sWe can rein in inflation without sending the country into recession“, He said.

On the other hand, the yield on US two-year bonds – a sensitive indicator of monetary policy – rose to 3.99%, while the yield on 10-year bonds rose to 3.46% at the end of the day.

🌎 In the region:

The last day of the week saw mixed results for Latin American markets, with the Lima Stock Exchange (BVL) leading the decline among its regional peers. In contrast, for the second consecutive Merval Argentina Follow Favorite The place with the highest gains was, up 2.63%; The Colcap of Colombia (COLCAP) recovered from the previous fall, closing with a variance of 1.37%.

In Merval, the best performing stock was Loma Negra Cia Industrial (plateau), Transportadora de Gaz del Sur (TGSU2) and Pampa Energy SA (pamp).

Although it’s not all good news for Argentina: Inflation in this country continues to reach record highs The increase in consumer prices in April posted a positive variance of 8.4%.; With the Latin American country retaining its position as the third country in the world with the highest 12-month inflation rate, rising by 108.8%.

On the other hand, the Central Bank of the Argentine Republic (BCRA) sent a total of 150,000 million pesos to the Ministry of Economy of this country on May 9, as temporary advances, breaking the limit on cash issuance of direct aid provided by the international organization. Imposing the Monetary Fund (IMF) on the nation.

Turning to the other values ​​of the Latin American squares, In Peru, the Lima Stock Exchange recorded a decrease of 0.83%, after a sharp decline in the financial sector, recording a variance of -2.7%. The biggest activity in the Peruvian market was Credicorp (BAP), from the financial sector, which recorded a decrease of 3.08%.

🍝 Dinner info:

Joe Biden, President of the United States, is about to nominate Adriana Kugler for the post of Governor of the Federal Reserve (Fed)The 53-year-old US economist who – if chosen – could become the first Latina woman to hold the position in the North American monetary entity’s 109-year history.

Although Kugler was born in the United States, the economist comes from a family of Colombian parents, and part of her academic training took place in Bogota., the capital of Colombia, when I was young. Kluger comes from a family of economists and academics: his father worked for the World Bank and his brother, Maurice Kluger, is currently studying public policy at George Mason University.

The economist is currently the Executive Director of the World Bank Group for the United States. She will take over as governor after Biden’s nomination following the departure of Lyle Brainard as vice chairman of the Federal Reserve. On the other hand, knowing that Biden is considering nominating Philip Jefferson, the current governor of the US central bank, for the vice chair of the Federal Reserve.

➡️ Who is Adriana Coogler? First Latina to serve on the Federal Reserve Board nominated by Biden