(as of 7:25 AM PST)
On the day that the Federal Open Market Committee concludes
its two-day policy meeting, the markets are looking for reasons to push into
positive territory and avoid a fourth consecutive session in the red. Most
experts believe that because of May’s poor employment report and the concern
over the upcoming Brexit vote that the FOMC will keep the fed funds rate
unchanged. Investors will be very interested in what Fed Chairwoman Janet
Yellen says about what the Fed will due in July and the balance of the year.
The Brexit vote continues to dominate investor sentiment around the world and
polling yesterday swung back to the “Remain” camp. This has pushed all of the
European markets into the green. That vote takes place on June 23rd. Asia has
pushed into positive territory as well. It has been a busy day of economic
reporting and the data has been mixed. The weekly mortgage applications data
showed a decline in applications while the Producer Price Index and Empire
Manufacturing Survey were both stronger than expected. A report on crude
inventories is due out later today which will more than likely impact oil which
has fallen below the $50 per barrel level.
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