MARKET WRAPS
Watch For:
ADP National Employment Report for October; ISM Report on Business Manufacturing PMI for October; Interest-rate decision; EIA Weekly Petroleum Status Report; Earnings from CVS Health, Kraft Heinz, Mondelez International
Today's Top Headlines/Must Reads:
- Fed Officials Debate Whether They Have Raised Rates Enough
- UAW Deal Shows Unions Are Winning. How Long Will It Last?
- The Economy Is Great. Why Are Americans in Such a Rotten Mood?
Opening Call:
Stock futures were lower on Wednesday as investors eyed the latest Federal Reserve interest rate decision and comments.
The market is placing a 99.7% chance of the central bank leaving borrowing costs at a range of 5.25% to 5.50%, so it's the Fed's accompanying statement and answers from Jerome Powell at his press conference which will carry the heft.
"Powell's comments will be closely scrutinized for indications of just how long rates are set to stay higher, given the resilience of the economy," Hargreaves Lansdown said.
"Equities have rallied in the last few sessions, but renewed wariness is set to slink in on Wall Street ahead of the rates decision."
Swissquote Bank reckons investors may be disappointed if they expect to get a more dovish tone from Powell.
"We know that Powell won't call the end of the policy tightening after seeing a blowout growth data... The chances are that we won't hear anything soothingly dovish. 'The higher yields help us do the job' is the best it will get," Swissquote said.
...News Following the Jewellers Association Australia board's publication of inaccurate and misleading claims concerning its financial affairs over the past decade, Jeweller sought clarification on th...