CNBC Daily Open: Will the Fed not cut rates in 2024?

Asia markets were mixed on Tuesday as investors analyzed China’s GDP growth projections for 2024. China has set a target of “around 5%” for economic growth. In other news, Japan’s Nikkei stock index has experienced a record-breaking rally. However, there are doubts about the sustainability of this momentum given the country’s economic struggles. Gold prices reached a new high above $2,100 as traders anticipate interest rate cuts in the second half of the year. Meanwhile, a fund manager expressed skepticism about the electric vehicle sector and instead highlighted Ferrari as an attractive investment. The US Federal Reserve is not expected to cut rates in 2024 due to a strong economy and the fight against inflation. The focus remains on Fed Chair Jerome Powell’s upcoming testimony on monetary policy.