S&P 500 futures finished sharply lower after President Trump announced via Twitter a September 1st deadline before adding a 10% tariff on $300 billion of Chinese goods.
Expectations mounted for dovish rhetoric from the Federal Reserve yesterday and realistically those expectations became nearly impossible to meet.
It’s Fed Day and the committee is expected to cut rates by 25 basis points at 1:00 pm CT. The real uncertainty today lies in their rhetoric.
U.S benchmarks are lower this morning just as the week heats up. First, the Federal Reserve begins its two-day policy meeting today and concludes tomorrow at 1:00 pm CT. A cut of 25 basis points is fully expected and the probability for 50 basis points hovers at 25%
The market is overall quiet after a new record close for the S&P on Friday. Reports that high-level U.S officials are traveling to China for a fresh round of trade talks has had little impact on an already firm tape.
Summer trade and GDP smashes expectations printing 2.1% vs 1.8% estimate. What's the Fed do now with rates?
The path of least resistance is higher, this is undeniable. The U.S economic data is underwhelming at best and hopes of turning a corner were dimmed yesterday with another weak read on Manufacturing PMI.
Yesterday was a constructive session, pullbacks held technical support before closing strongly on a tailwind from news that the U.S and China will soon resume talks.
U.S benchmarks firmed-up yesterday from Friday’s late selloff and are extending gains this morning after President Trump announced a bipartisan deal to lift the debt ceiling and boost spending.
U.S benchmarks slipped sharply into Friday afternoon as Fed rate cut expectations for next week’s meeting were toned down. The table was really set Thursday afternoon when NY Fed President Williams said the Fed should act preemptively to battle slowing growth.