Bullet Points, Highlights, Announcements
General:
It’s looking like it’s going to be a slog of a summer for Fed policy as officials once again took a wait-and-see approach as the Federal Reserve left interest rates unchanged in their June decision.
Based on the most recent economic data – including this morning’s lower-than-expected Consumer Price Index
reading – the central bank predicted it would cut borrowing costs just once before the end of 2024, a sign that they plan to be patient before turning a corner in their fight against inflation.
Powell suggested any change in policy will depend on inflation slowing, but that rate cuts could also come if the job market breaks down unexpectedly.
The consumer price index held flat in May though it increased 3.3% from a year ago. Both numbers were 0.1 percentage point below market expectations.
Next up tomorrow at 7:30 A.M., Central Time, the Bureau of Labor Statistics releases its latest reading on prices at the wholesale level: its Producer Price Index.
Stock Indexes:
The E-mini S&P 500 jumped to a record and closed above 5,400 for the first time Wednesday after May inflation data pointed to easing pricing pressures and the Federal Reserve’s latest policy announcement.
The E-mini Nasdaq gained about 1.5%. Both the S&P 500 and Nasdaq hit all-time intraday highs and closed at all-time record highs today.
If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.
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Daily Levels for June 13th, 2024
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.