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Stocks inched up yesterday as markets look to extend their winning streak to 3 weeks in a row.
Once again, stocks shrugged off escalating tensions with Iran. And so did oil.
And traders are still anxious to hear anything regarding the expected meeting between President Trump and President Xi at this month's G20 summit.
But this week, the main focus will be on the Fed.
This afternoon, the Fed begins their two-day FOMC meeting where they'll discuss a range of economic topics, not the least of which is interest rate policy.
The meeting wraps up tomorrow with their FOMC Announcement, FOMC Forecasts, and Jerome Powell's Fed Chair Press Conference.
Nobody is expecting an actual rate cut at this week's meeting. But everybody will be listening for any clue as to when that rate cut is coming. (The market is pricing in a 97% certainty that at least one rate cut is coming this year, with others speculating that we could see as many as two or three.)
Dovish comments by the Fed a couple of weeks ago sent the markets soaring.
And similar comments later this week could easily do that again.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
Consumer outlays are off to a firm start this quarter mostly due to steady wage gain and an unemployment rate remaining at the lowest level in half a century. Read More »
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Stocks inched up yesterday as markets look to extend their winning streak to 3 weeks in a row.
