Friends
Once again, markets were somewhat unaffected by the global headlines overnight. Despite the theater in Singapore, market participants appear to be more focused on the Fed and the likelihood of the FOMC announcing a rate hike tomorrow. Stocks were mixed, with the Nasdaq showing some strength, but the blue chips in the Dow lagging.
By the close, the Dow Jones Industrial Average was down 1 point to finish the day at 25,320. The S&P 500 was up 4 points to close at 2,786. Gold was down $4 to trade at $1,299 per ounce, while oil was up $.15 to trade at $66.25 per barrel WTI.
As mentioned, the markets expect the Fed to raise the Fed Funds rate by a quarter of a percent tomorrow. The CPI number came in as expected this morning, and it certainly was not too hot. But, despite the benign inflationary environment, the Fed wants to continue the path to normalization with regards to interest rates, and continue to add bullets to the chamber in case they are needed down the road.
Have a nice evening everyone.
