(As of 7:20 am PST)
US stocks have stalled out after three straight days of
modest gains as investors await this afternoon’s press briefing from Fed
chairwoman, Janet Yellen. The Federal
Open Markets Committee (FOMC) began its second day of meetings today and is
expected to release a statement at 2 pm EST this afternoon. Most investors are in agreement that the Fed
will announce a further reduction of its monthly bond buying program, likely to
the tune of $10 billion per month. What
investors will be looking for, however, are any comments from Yellen that would
indicate the Fed’s move to raise interest rates in the near term. Recent data, such as lower unemployment and
steadily rising inflation, support the rate hike coming sooner than later. In corporate news, Amazon chief Jeff Bezos is
expected to showcase the company’s much anticipated smartphone at an event in
Seattle today. International markets are
mixed with Asia mostly lower and Europe etching higher. Gold is lower and oil is on the rise as the
conflict in Iraq threatens supplies.
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