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Profit from the Pros By Kevin Matras Executive Vice President
All Eyes And Ears On The Fed Today
Image: Bigstock
Stocks were down yesterday with all of the major indexes closing modestly lower ahead of this afternoon's FOMC Announcement and Fed Chair Press Conference.
Rates are expected to stay the same (the Fed has been saying over and over they plan to keep rates near zero thru 2023).
But traders will be looking for and listening for any clues as to when they could be getting closer to tapering their bond purchases. Last time they said they weren't even ready to begin talking about talking about it (yes, you read that right). So we'll see if they're any closer this time around.
While some inflation readings have been increasing lately (the latest being yesterday's PPI-Final Demand report which rose 0.8% last month vs. views for 0.5% and the prior month's 0.6%; and 6.6% on a y/y basis vs. views for 6.5% and the prior month's 6.2%), the Fed has been steadfast in their belief that any uptick in inflation will be transitory.
We shall see if that's still the case later today.
In the meantime, a survey of big-money managers are in agreement with the Fed that inflation indeed is likely to be transitory. According to Bank of America's Global Fund Manager Survey, 72% of respondents believe that to be the case. And that inflation will ease once supply chain disruptions, brought about by COVID, subside.
So all eyes and ears will be on the Fed today.
But one thing is clear, as more and more of the country opens up, the stronger the economic recovery gets.
With full-year GDP expected to grow at the fastest pace in 37 years, and many anticipating a multiyear boom, it's easy to see why stocks have been hitting new highs.
And it looks like there's a lot more upside to go.
So make sure you're taking full advantage of it.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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