Friends
Whether it’s because of the coming snowstorm that is schedule to hit the northeast beginning tomorrow, or the FOMC meeting which also is scheduled for tomorrow, market participants really didn’t seem interested in today’s proceedings. Whether the snowstorm actually hits and what damage in causes is up for debate, but it appears that what is not up for much debate is the idea that the Fed is going to raise interest rates this week. Most likely, the Fed Funds rate will move up another quarter of a point on Wednesday afternoon. At least that is what the market is positioned for. What guidance the committee gives for the number and the timing of future rate hikes could be what moves the markets this week.
As for today, by the close the Dow Jones Industrial Average was down 21 points to finish the day at 20,881. The S&P 500 was up less than a point to close at 2,373. Gold was up $2 to trade at $1,203 per ounce, while oil was down $.03 to trade at $48.46 per barrel WTI.
As mentioned the FOMC meeting begins tomorrow and wraps on Wednesday. Before the end of Wednesday’s meeting, the PPI, CPI and retail sales numbers will be released, so if the committee wants to back off the expected rate hike, they will have a few data points to consider. The meeting will be followed by a press conference from Fed Chair Yellen. Stay tuned, we’ll let you know how the week unfolds.
Have a nice evening everyone.
