(as of 7:15 PST)
All eyes are on the Federal
Reserve Bank, which is in the final day of a two day meeting, the primary purpose
being to set a course to reduce Fed bond buying. The market seems to have already priced in a
mild reduction, but any larger reduction (20 Billion), would likely send
interest rates higher and the equity markets lower. Housing starts were up
slightly this morning, but slightly below expectations thus no market reaction
to the data. Gold continues downward and
oil is up on reduced inventories. Interest
rates are up slightly.
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