Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opens flattish ahead of the conclusion to the Fed meeting and the subsequent statement and press conference. A 1/4 point hike is expected. There was a shooting at a Congressional baseball practice in Alexandria, hitting Majority Whip Steve Scalise, who was wounded but appears to be stable. Interest rates are falling fairly precipitously, most likely in response to the shooting, but also suggesting the Market doesn’t believe there will be much in the way of rate hikes beyond today. A weaker inflation number for May supports the Fed holding back. Attorney General Jeff Sessions was grilled on Capitol Hill yesterday, as the turmoil around the Russia investigation continues. Tech got a bounce yesterday after significant losses the last 2 trading days. Energy and Financials and Healthcare have picked up, as leadership rotated. Gold is catching a bid in early trading this am, after a couple of weak sessions. Oil is lower as is the Dollar. The DOW and S&P are at new, all-time highs.
Have a great morning,