Bank of America Market Strategist Says as Crypto and Stocks Slide Ahead of Fed Rate
A hawkish Fed could be worrisome or kryptonite for assets that benefit from easy monetary policy and stimulus, Bank of America market strategists led by Savita Subramanian said in a note last weekend. Global assets got off to a rough start on Monday as Wall Street's four major stock indexes opened the day (9:30 am) lower after a torrid trading activity last week. By 3:00 pm (ET), benchmark stocks saw a slight rebound, reflecting extreme market volatility and uncertainty.
Subramanian and his team predict the S&P 500 could lose another 8% this year, and he insists the summer rally is over. On Monday, the digital currency market lost 1.61% in the last 24 hours and the crypto economy is now worth $933.17 billion, over the $900 billion mark. Bitcoin (BTC) traded down 1.67% against the US dollar and Ethereum (ETH) traded down 1.79% in the last 24 hours.
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