What’s going on in the world…
Market opens flattish on this Fed Day, which is expected to bring another ¼ point rate hike. The Market knows it and is prepared. Interest rates have been rising of late, but the 10-Year Treasury has stubbornly resisted the 3% level. Rates are much lower overseas, particularly in Europe and Japan, which have played like an anchor to rates back home. Investors will play close attention to what the Fed does and what they say. The outlook for the rest of the year will be scrutinized closely. The Media industry just got a shot of energy with the ruling to allow AT&T to acquire Time Warner, which includes CNN. M&A could become a big theme as traditional media fights back for survival against the disruptive Tech Titans. The ripples from the Trump-Kim summit keep moving with hopes of historic deal making and criticisms of concessions. Politics are always on 24/7. The Market is taking it in stride.
Have a great morning,
Mike Frazier
