(As of 7:10 am PST)
Equity prices edged higher
this morning as investors awaited a policy statement from the Federal Reserve
later this afternoon. The FOMC concludes its two day policy meeting this
afternoon, with investors expecting that the Fed will wait to raise short term
interest rates until later this year. It’s an important moment for the Fed however,
and any miscommunication or lack of communication from Janet Yellen on the
timing of a rate hike could disrupt markets. It’s widely expected that
the Fed will move rates later in the fall. The Fed statement will be released
at 2 pm EST today followed by a press conference from Janet Yellen regarding
the central bank's economic outlook. In overseas action, Asian markets finished the day
on a mixed note, with the Shanghai composite index taking back some of
yesterday’s steep losses. European stocks are down slightly as the lack of progress
in the Greece debt negotiations persisted. Oil prices are higher with energy
stocks leading S&P500 gainers ahead of a report on crude inventories later
today. Gold is trading flat while interest rates are moving higher.
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