Boring, Neutral Trading Day Overall
An overall boring day in which we traded a bit sideways before the big FOMC decision. Felt like the markets stood quietly all day long and did not want to commit either way before more guidance is released tomorrow. General fear seems to be gripping the market at this time.
Fed Decision Announced Tomorrow
The Fed will release its policy decision and a set of economic projections at 2pm EST tomorrow. This will be followed by a Powell press conference at 2:30pm. Will Jerome Powell shock the world and raise interest rates by .50?
Chinese Challenging Dollar In Oil
Saudi Arabia is in discussions with Beijing about pricing some Saudi oil sales to China in yuan instead of dollars, according to a Wall Street Journal report, citing people familiar with the matter. Among the issues are what the Saudis believe to be less-than-enthusiastic support for the war in Yemen, the White House’s attempt at an Iran nuclear deal and shock at the American withdrawal from Afghanistan, the report said.
Commodities Slump After Bull Run
U.S. stocks climbed on Tuesday after a retreat in oil prices eased investors’ inflation concerns and the prospect that the Federal Reserve will move more aggressively to hike interest rates. WTI fell 7.3% to 95.49. Brent Crude was down 7.4% to $98.98. Gold prices fell -1.53% during today’s session. Silver was last down 0.48%.
Global Financial War On-Going
Had a thought hanging out, watching this boring market earlier today. We have truly entered a troubling new era in world politics. There are dozens if not what feels like one hundred announcements a day about new sanctions back and forth between NATO and Russian allies. When and where does it end? Is this the end of globalization as we knew it in the early 21st century? It certainly seems we have broken through and into a new time when it comes to global politics.