Good morning traders!
The S&P 500 ($SPY) is trading above yesterday’s close. Let’s get into it…
Stock futures trade higher today as investors await the Federal Reserve’s policy decision and press conference in the afternoon. In addition to the policy announcement, investors are preparing for Chair Jerome Powell’s remarks during the media conference, which could provide insights into the state of the economy and the central bank’s future plans. According to CME Group’s FedWatch tool, the market predicts a 90% chance that the central bank will maintain rates at the current target range of 5% to 5.25%. This would mark a break from the series of 10 consecutive rate increases.
The producer price index for May, an indicator of inflation, was also released this morning. According to data released by the Bureau of Labor Statistics on Wednesday, the Producer Price Index revealed a significant easing in annual price increases for producers, reaching 1.1% for the 12 months ending in May. On a monthly basis, prices experienced a decline of 0.3%. Economists had expected a reading of 1.5% for the 12 months ending in May, along with a month-on-month retreat of 0.1%, according to estimates.
Wednesday Economic Events:
MBA Mortgage Applications 7:00am ET
PPI-Final 8:30am ET – High Volatility Expected
Atl. Fed Business Inflation 10:00am ET
EIA Petroleum Report 10:30am ET – High Volatility Expected
FOMC Announcement 2:00pm ET – High Volatility Expected
Fed Speaker Scheduled:
Fed Chair Press Conf. 2:30pm ET – High Volatility Expected
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