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Interest Rate Decision This Week, Market Expected To Climb

The markets finished up on Friday, but closed lower for the week.

Could still see a bit more volatility as we head into Wednesday's (3/21) FOMC Meeting Announcement where the Fed is expected to raise rates by a quarter point. But I suspect this will calm everyone's rate fears as it should confirm, once again, that the Fed will take it slow when raising rates, giving the market the green light to continue its winning ways.

In other news, Friday's Industrial Production report came in better than expected with a gain of 1.1% vs. the consensus for 0.3%. The Manufacturing component gained 1.2%, and the Capacity Utilization Rate rose to 78.1%. Great news that continues to underscore the strength in the economy.

And Consumer Sentiment jumped to 102.0 from last month's 99.7 and views for 98.8. With 70% of our GDP comprised of consumer spending, it's bullish when consumers are feeling confident because a confident consumer is more likely to spend money, which adds to the economy, further reinforcing the virtuous circle of growth and prosperity.

Looking for the market to start racking up more green arrows this week.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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