Pre-Trading Thoughts

The Fed raised its benchmark interest rate by 0.5%, the largest since 2000 as a response to inflation pressures. The Fed also indicated it will begin reducing asset holdings on its balance sheet in June. Ministry of Finance decided to raise the customs dollar rate to EGP17 in May, up from EGP16 in the previous month. Minister of Finance said that the Ministry expects achieving a primary surplus of EGP91 billion and decreasing overall deficit to 6.2% to GDP and public debt to 85% in FY2021/22....