EDITOR'S NOTE
Are you ready for some drama??
The Fed's latest interest rate decision will be announced at 2 p.m. ET today--another quarter-point cut is fully expected--followed by Chair Powell's explanatory press conference at 2:30.
Remember, at the last meeting, six weeks ago, the Fed cut rates for the first time since the financial crisis. In the presser, Powell described the cut as a "mid-cycle adjustment" as opposed to necessarily the start of a longer rate-cutting campaign, and markets threw a fit. So did President Trump, who reacted by tweeting "Powell let us down" and announcing a new round of 10% tariffs on China the very next day which really threw markets into a tizzy.
Frankly, it's hard to imagine that Powell and the Fed could be dovish enough today to keep everybody happy. "If the statement...[is] heavy with doubts for dovish measures, it would unleash a Twitter storm by the president," is how one trader put it this morning, summing up the nervousness on Wall Street (and globally--that trader is London-based!).
As I type this, we're showing a banner on the bottom of the screen: "FedEx Fails to Deliver." (Which is another fascinating story we'll be following this afternoon.) We'll see if the other Fed conjures the same reaction today.
See you at 1 p.m!
Kelly
P.S. I brought a prop for Rapid Fire today--our 1985 home dictionary. It's indispensable. I'll explain.
KEY STORIES
IN CASE YOU MISSED IT
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabu, 18 September 2019
Waiting on the Fed...and the tweets
Langganan:
Posting Komentar (Atom)
Tidak ada komentar:
Posting Komentar