Thndr Claps - Interesting interest rate week

A weekly wrap-up of the most prominent news in the U.S. & Egyptian markets.

U.S. Claps??

Another interest rate hike by the Fed

The Fed increased interest rates for the third consecutive time by 0.75%, to reach 3% – 3.25%.

The Fed chairman admitted that a recession is possible if the Fed needs to continue hiking interest rates.?

Interest rates are expected to keep increasing until inflation slows down. The target is to have inflation back at 2% by 2025.

Time to cut costs for Meta ??

Meta (NASDAQ: META) wants to reduce costs by 10%.

Meta is facing numerous obstacles, with the economic situation deteriorating and with Apple’s new privacy update making it more difficult to deliver demographics to its advertisers.

The cost-cutting measures are expected to begin over the next few months.

Intuitive Machines going public ??

Intuitive Machines is set to go public through a special purpose acquisition company (SPAC) Inflection Point (NASDAQ: IPAX) in a $1 billion deal.

The deal will see Intuitive Machines earn up to $338 million in cash, as they provide technologies and services in the building of the infrastructure and commerce.

Many space-related stocks have declined this year, as investors view the industry as risky.

Egypt Claps??

CBE Keeps Interest Rate Fixed At Same Rate

In its meeting on Thursday, the CBE unexpectedly issued a decision to fix the interest rate at 11.25% for deposits and 12.25% for lending, in addition to 11.75% for the basic transaction price, for one day.

This decision was accompanied by another unexpected decision, which is to raise the mandatory reserve ratio from banks to the CBE to 18% instead of 14%.

The CBE uses this type of policy to control the amount of liquidity in the market, and through it drive inflation closer to the target rate.

IMF: Negotiations with Egypt are close to ending ?

Jihad Azour, a director in the IMF, said that the Fund’s negotiations with Egypt regarding the required loan are progressing and will be completed within a short period.

Azour said that reform programs are currently being negotiated, and economic programs are already in place, but the final determination of the loan amount will be after the negotiations are over.

Negotiations with the IMF have been ongoing without results, which led some analysts to deduce that this influenced?the big drop that occurred in the EGX.

Ambitious plans for Madinet Nasr??

Madinet Nasr (MNHD) has ambitious plans for its future based on a strategy that extends to 2032 and plans to expand outside Cairo.

Madinet Nasr is studying the development of a long-term strategy that aims to determine the size of targeted revenues annually and the lands that must be developed in order to reach these revenues.

The company is also thinking of expanding the lands it owns outside Cairo, acquiring new lands, and the investment opportunities available in areas like the North Coast.