The Day After FOMC? + Futures Trading Levels for Dec. 14th
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Join our Private Facebook group
Subscribe to our YouTube Channel
Day After FOMC?
By Mark O’Brien, Senior Broker
The tea leaves in recent weeks – measures of the U.S. economy and beyond – were already indicating the Fed. would leave interest rates alone for the third straight time, maintaining the target range of 5.25% to 5.5%, after holding its last FOMC meeting of the year today. So was the benchmark prediction gauge: the Fed Funds futures contract. Yes, there were a handful of softer data: household net worth and job openings declined, overdue loan payments and credit card balances rose, European data pointed to that region’s recovery easing off and China’s is still stuck in a ditch. At the same time, the monthly non-farm payrolls report came in better than expectations with average hourly earnings and working hours rising and the unemployment rate falling. The disposition of the Fed’s individual members’ expectations for future rate policy, commonly referred to as its “dot plot,” projected that they will lower borrowing costs to 4.6 percent by the end of 2024. That call for lower rates was widespread: not a single Fed official expected interest rates to be higher at the end of next year. Still, policymakers did not firmly declare victory. They kept alive the possibility of further rate increases if inflation should prove stubborn.
Plan your trade and trade your plan.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
Futures Trading Levels
12-14-2023
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
Improve Your Trading Skills
Economic Reports,
Source:
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.
