Best Crypto to Buy Now 6 April – KLAY, TWT, XRP
U.S. stocks took a downward turn earlier today, with investors focusing on disappointing labor market data.
They are also anticipating Friday's jobs report as a potential indicator of the Federal Reserve's tightening policy pushing the economy toward a recession.
In this ambiguous economic climate, what are the best cryptos to buy now?
The S&P 500 and Nasdaq may break their three-week winning streaks at the end of the holiday-shortened week.
However, the S&P 500 and Nasdaq are showing signs of slight recovery on the day, with the former gaining 0.25% and the latter gaining 0.55%.
Today's economic data release pointed to the U.S. labor market grappling with the repercussions of the Fed's series of aggressive interest rate hikes, intended to temper the economy and curb inflation.
The Labor Department is scheduled to release its March employment report on the market holiday Friday, giving market participants the weekend to digest the data before trading resumes on Monday.
Tom Hanlin, a national investment strategist at US Bank Wealth Management in Minneapolis, highlighted the concerns arising from the recent string of weak economic data.
The primary questions revolve around a potential economic slowdown, further rate hikes by the Fed, and the possibility of a recession in the coming months.
Financial markets currently reflect a 52% chance of the central bank maintaining the Fed funds target rate between 4.75% and 5.00% after their next monetary policy meeting in May, as per CME's FedWatch tool.
Hanlin notes that investors are divided about the likelihood of a rate hike in the upcoming meeting, with some even anticipating rate cuts by year-end.
This discrepancy between investor expectations and the Fed's commitment to maintaining high
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