The Sevens Report Research founder Tom Essaye said that Bitcoin needs to have more widespread legitimate adoption for… Click here to read the full article.
Futures are modestly lower as markets digest yesterday’s more…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
U.S. equity futures are flat this morning after wavering between gains and losses overnight as investors continue to digest the whipsaw moves across asset classes since last week’s Fed meeting and look ahead to more commentary from Chair Powell today.
There were no market-moving economic reports overnight.
Today, there is just one economic report to watch: Existing Home Sales (E: 5.715M) but the release is not likely to materially move markets.
That will leave investors focused on the Fed with several officials speaking today including: Mester (10:30 a.m. ET), Daly (11:00 a.m. ET), and Powell (2:00 p.m. ET). Powell’s testimony before Congress this afternoon will be the main event of the session as he is likely to discuss the Fed’s plans to balance rising inflation with the still fragile economic recovery.
Finally, there is a 2-Yr Treasury Note auction at 1:00 p.m. ET that could offer some insight into the market’s expectations for Fed policy as the short end of the yield curve has moved sharply higher since last week’s FOMC meeting.
The rise in the dollar was certainly a renewed headwind for oil and all commodities, prompting some cross-asset funds…said Tyler Richey, co-editor at Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Stock futures are trading cautiously higher this morning while international equities were mixed overnight as markets attempt to stabilize following last week’s volatile, Fed-induced declines.
News flow was quiet over the weekend as there were no major economic releases or central bank developments however the yield curve remains in focus as several key spreads have flattened to multi-month lows on hawkish policy expectations and a more cautious growth outlook.
There are no notable economic reports and no Fed officials are scheduled to speak today.
The lack of market catalysts will leave investors to continue to digest last week’s Fed developments and closely monitor the bond markets for further clues on expectations for both monetary policy and the state of the economic recovery.
Stock futures are flat this morning as a sense of Fed paralysis grips global markets ahead of…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Futures are slightly lower following a generally quiet night of news.
Economic data was mixed overnight as UK Retail Sales missed estimates (-1.4% vs. (E) 1.8%) while both Japanese and German inflation metrics (CPI and PPI) slightly beat estimates.
The Bank of Japan made no change to policy and extended its COVID lending programs by 6 months (as expected).
Today there are no Fed speakers and no notable economic reports so focus will be on the “micro-economic” and whether we see a continuation of the large tech outperformance from yesterday. Also, there is a quadruple witching options expiration today which will cause large volumes (and possibly volatility) into the close.
What’s in Today’s Report:
Futures are modestly lower as markets digest yesterday’s more hawkish than expected FOMC meeting.
The U.S. dollar is surging this morning off the more hawkish than expected Fed and gold is getting hit hard as currency markets re-price for a less dovish Fed.
Economically the only notable number was the Australian Labour Force Survey, which handily beat expectations (115k job adds vs. (E) 30k), reflecting the global nature of the economic recovery.
Today there are two notable economic reports, Jobless Claims (E: 364K) and Philadelphia Fed manufacturing Index (E: 30.8) but unless either number is a substantial surprise, they shouldn’t move markets. Instead, markets will be watching the dollar and Treasury yields for reaction to the Fed. If both rally hard throughout the day, that will pressure stocks further as it erodes some of the “dovish Fed” support that’s helped the S&P 500 rally to recent highs.
In order for Bitcoin to resume that rally, I think you’re going to need to see more widespread…said Tom Essaye, a former Merrill Lynch trader. Click here to read the full article.
Ahead of the data, markets will want to see solid numbers but nothing so hot that it implies the economy…Tom Essaye, founder of Sevens Report Research, wrote. Click here to read the full article.