Market Analysis

The Federal Reserve did not cut rates yesterday but removed ‘patient’ from their statement and said the case for a cut is building. They cited slowing global growth, inflation persistently below their 2% target and headwinds due to the U.S and China trade war as reasons to accommodate the economic expansion.
It’s Fed Day and expectations for a full dovish shift have fueled equity markets higher in recent weeks and truly all year. The S&P is about 1% from its all-time high and there is a 24.2% probability the Federal Reserve cuts rates.
Crude Oil futures has been awaiting a moment to ignore bloating U.S supplies, growing U.S production and slimming demand. Yesterday was that day. Crude roared higher along with risk assets in a central bank induced frenzy.
Soybeans higher on heavy rains that are stalling planting. We traded above the $9 per bushel level which was a resistance level and now will be a support level. Soybean futures are currently trading at $9.10 per bushel.
This Wednesday all eyes are on the FOMC meeting with statement release and press conference. Markets anticipate a dovish stance on both.
Prices last week in WTI Crude Oil Futures fell 2.7% and closed at $52.50 per barrel. Last week supply concerns pressured energy markets. Although, after a tanker explosion on June 13 prices and volatility were briefly higher.
Bitcoin trades over $9000 over weekend. Some crypto experts are questioning Facebook's Global Coin.
What you should be watching this week in interest rate futures. FOMC statement Wednesday and Federal Reserve bank stress tests.
WTI futures up slightly today and lower on week. Yesterday IEA cuts oil demand growth forecast following Wednesdays bearish report from OPEC that trimmed its forecast for world oil demand,
Gold futures rally on bearish economic data. Traders are worried about global recession, escalation of trade war and geopolitical risks.