Morning Minutes

FOMC Minutes Provide Support on Turkey and Football Day




Investors continue to respond bullishly to yesterday’s FOMC minutes which suggested that even though the terminal rate for this interest rate hiking cycle may move higher, the pace of interest rate increases may slow moving forward. This news propelled US indices to gains of 0.3% to 1.0% yesterday and US index futures are up 0.1% to 0.4% in pre-holiday action. Over in Europe the Dax is up 0.6% and the FTSE is steady.

The US 10-year treasury note yield has slipped back under 3.70%, while the US Dollar is flat to down slightly against other major currencies, including a 0.7% drop against Gold. In commodity action, copper is up 0.6%, natural gas is up 1.2% and WTI Crude Oil is down 0.4%. .  

With US exchanges closed today for Thanksgiving and only open for part of the day tomorrow, investors appear set to take a break for the rest of the week, particularly in such a volatile year for markets, and regroup on Monday. With 4 World Cup games and 3 NFL games on today, news is likely to be dominated more by football scores than corporate or economic events. Tomorrow, investors may look to Black Friday mall traffic reports for insights into consumer holiday spending.  

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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