February 2024 in Figures
March 1, 2024
February 2024 was another strong month for global equities and the dollar and a spectacularly good one for holders of Bitcoin. None of the major central banks in the table below changed their reference interest rates. Outside that group, central banks cut rates by a full percentage point in Hungary and by 50 basis points in Kazakhstan, Moldova, and the Czech Republic. The People’s Bank of China’s five-year Loan Prime Rate was reduced 25 basis points, while the Central Bank of Egypt’s key rate was hiked by two full percentage points.
10-year sovereign debt yields rose 25-35 basis points in the United States, Great Britain, and Germany but moved less sharply in Canada, Switzerland and Japan. The price of WTI oil spent most of the month between $75 and $80 per barrel, and gold was mostly confined between $2000 and $2050 per ounce.
On the geopolitical front, the conflicts between Israel and Hamas and between Russia and Ukraine grew more bleak during February. Palestinian deaths in Gaza exceeded within just five months half as many as the number of American deaths during the Vietnam War that lasted more than a decade. The U.S. Congress failed to approve vital financing and weapons shipments to support Ukraine. Baring unforeseen health or injury complications, a rematch U.S. presidential match between Biden and Trump became all but certain.
| 10-Yr Yield | 02/29/24 | 01/31/24 | February Chg |
| U.S. | 4.27% | 3.92% | +35 Basis Points |
| Germany | 2.41% | 2.16% | +25 |
| Japan | 0.70% | 0.72% | +2 |
| U.K. | 4.12% | 3.79% | +33 |
| Canada | 3.49% | 3.32% | +17 |
| Switzerland | 0.70% | 0.77% | -7 |
| CB Policy Rate | 02/29/24 | 01/31/24 | February Chg |
| Fed funds target | 5.25/5.50% | 5.25/5.50% | 0 basis points |
| ECB refi rate | 4.50% | 4,50% | 0 |
| BOJ policy rate | -0.10% | -0.10% | 0 |
| BOE Bank Rate | 5.25% | 5.25% | 0 |
| Swiss Policy Rate | +1.75% | +1.75% | 0 |
| FX | 02/29/24 | 01/31/24 | Chg in Dollar |
| EUR/USD | 1.0808 | 1.0812 | +0.0% |
| USD/JPY | 149.91 | 146.95 | +2.0% |
| USD/CHF | 0.8843 | 0.8615 | +2.6% |
| GBP/USD | 1.2623 | 1.2681 | +0.5% |
| AUD/USD | 0.6500 | 0.6565 | +1.0% |
| NZD/USD | 0.6088 | 0.6115 | +0.4% |
| USD/CAD | 1.3572 | 1.3436 | +1.0% |
| USD/CNY | 7.1880 | 7.0996 | +1.2% |
| Equities | 02/29/24 | 01/31/24 | February Chg |
| S&P 500 | 5096 | 4846 | +5.2% |
| Nasdaq | 16092 | 15164 | +6.1% |
| Djia | 38996 | 38150 | +2.2% |
| Dax | 17678 | 16904 | +4.6% |
| Nikkei | 39166 | 36287 | +7.9% |
| Ftse | 7630 | 7631 | 0.0% |
| Canada TSE | 21365 | 21022 | +1.6% |
| Swiss SMI | 11439 | 11333 | +0.9% |
| Commodities | 02/29/24 | 01/31/24 | February Chg |
| Oil, $ per barrel | 78.26 | 75.85 | +3.2% |
| Gold, $ per ounce
Bitcoin, $ |
2054.70
61179 |
2067.40
42548 |
-0.6%
+43.8% |
Copyright Larry Greenberg 2024. All rights reserved. No secondary distribution without express permission.
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