Morning Minutes

Stocks Stabilize as Investors Await Wednesday’s Fed Announcements




In the wake of Friday’ selloff which saw US indices fall 0.8%-1.6%, US index futures are trading down 0.1%-0.3% this morning. Over in Europe, the Dax is down 0.8% and the FTSE is down 0.4%. Brent and WTI Crude Oil are both up 0.5%, Natural Gas is down 0.6%, Copper is down 0.3%. In currency action, Bitcoin is up 2.75%, while Gold and major paper currencies are flat.

Investors remain focused on this week’s Fed meeting. The US central bank is expected to hold interest rates steady, but the market may focus more on hints about the future of interest rate hikes in the statement and the member forecasts on the Fed Funds rate. Based on the June FOMC member forecasts, one more rate hike is expected by the end of this year. Investors may look for any signs that has changed and for any signs in forecasts for 2024 and beyond if the Fed is considering continuing rate hikes into next year, how long interest rates may remain elevated, and when it may be possible to start cutting interest rates.

Outside of the Fed, this week’s economic calendar is dominated by housing and inflation data. Canadian housing starts (253K) were steady in August. Canadian industrial prices (1.3% vs previous 0.4%) and raw material prices (3.0% vs street 3.5%) were mixed. The US NAHB housing market index (street 50 unchanged) is due at 10:00 am EDT.  Tomorrow brings Canadian Consumer Prices and US Housing Starts.

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Colin Cieszynski, Chief Market Strategist

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

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