It's Fed Day and the FOMC is expected to leave policy unchanged. Markets will be looking for Powell to reaffirm the Fed’s “do whatever it takes” narrative in order to bring the U.S. economy back from the depths of the pandemic.
U.S. benchmarks surged from Monday’s opening bell into the second half of yesterday. The S&P 500 achieved the highest level since February 24 and the Nasdaq-100 again notched 11,000 but failed to set a new high by half a point.
Moderna published the results of their Phase 1 trial late yesterday, it showed an immune response in all 45 patients with only minor side effects. Amid these bullish tailwinds, there are now expectations of good news to be announced surrounding Oxford University’s Covid-19 vaccine candidate backed by AstraZeneca.