FOMC Meeting Minutes Takeaways: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- FOMC Meeting Minutes Takeaways (Dovish in Hindsight)
- Existing Home Sales Data Offers Mixed Signals
Futures are modestly higher this morning as a pullback in oil futures is pushing bond yields lower while investors digest a volatile reaction to mostly positive NVDA earnings.
Economically, U.K. CBI Industrial Trends saw the headline Orders Balance fall -35% vs. (E) -25% in November which is driving dovish money flows this morning.
Today’s economic calendar is a busy one with Durable Goods Orders (E: -3.2%), Jobless Claims (E: 225K), and Consumer Sentiment (E: 60.5, 1-Yr Inflation Expectations: 4.4%) all due to be released before 10:00 a.m. ET.
There are no Fed speakers today so markets will trade off of the data. If the reports are largely in line, expect mostly sideways price action with the Thanksgiving Day break looming, however, hawkish or dovish surprises will still move markets despite thin attendance and low volumes.
The Treasury will hold auctions for 4-week and 8-week Bills at 11:30 a.m. ET. While auctions for these securities usually don’t move markets, investors are more closely watching auction results following the recent weak 30-Yr auction that roiled markets. As there is potential the outcomes impact equities in an otherwise quiet environment ahead of Thanksgiving.
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