FOMC Wildcard to Watch
What’s in Today’s Report:
- FOMC Meeting Preview
- VIX Chart: Yearend Volatility Remains a Distinct Possibility
U.S. futures are trading tentatively higher amid renewed stimulus optimism and mostly upbeat economic data while the COVID-19 pandemic continues to hit grim milestones.
Lawmakers continue to negotiate the $908B stimulus package but multiple sticking points remain (including the total size of the bill and lack of stimulus payments), preventing a deal for now.
Among other headlines, COVID-19 deaths have topped 300K in the U.S. but vaccine optimism is helping offset the grim statistics while Chinese economic data firmed in November, as expected.
Today, there are a few economic reports to watch: Empire State Manufacturing Index (E: 5.8), Import & Export Prices (E: 0.3%, 0.3%), and Industrial Production (E: 0.3%) which could move markets, especially depending on sentiment towards a stimulus deal.
Finally, the December FOMC meeting begins today but with the announcement and press conference coming tomorrow, market focus will largely remain on the ongoing stimulus negotiations.