FOMC RECAP & Support and Resistance Levels 3.17.2022
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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FOMC RECAP by Mark O’Brien:
All eyes and ears were on the Federal Open Market Committee’s meeting and Fed. Chairman Powell’s post-meeting press conference earlier today. The Fed issued its statement at 1:00 P.M., Central Time. The 0.25% boost to the target federal funds rate (the benchmark for short-term interest rates) was the Fed’s first rate increase since the beginning of the global pandemic. The expectation is that this is just the first of several interest rate increases – one of the means by which our current 40-yr. high inflation reading might be tamed. Despite the seemingly small first step, Fed policy is an ongoing massive and complicated effort to control inflation and spur job growth – the Fed’s well-known and important dual mandate – particularly in these times. The Russian invasion of Ukraine, its accompanying high energy prices – affecting other commodities markets – and their implications on the economy all make the Fed’s decision to take this first step a significant one.
Yet, not to sound trite, but now that this is in the rearview mirror, it’s back to following the less predictable and all-embracing disaster that is the war in Ukraine, which is unquestionably the main catalyst to price instability in the near future.
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