Market opens flattish ahead of Fed Day. Global Markets were mixed overnight. Investor eyes are locked in on Janet Yellen and crew, not so much on what they do with rates; a raise won’t happen. But the outlook and comments on capital markets and the global economy will be studied closely to get a sense of what monetary policy looks like for the rest of the year. Right now, the Market is just pricing in one hike in 2016. Interest rates are slightly higher as is the price of oil. The DOW and S&P, WTI and the 10-Year Treasury yield are all near the highs on the year. They’re all pretty well correlated. After an 11% move from the February lows, the big question is what’s next for the stock market. The Fed will have great influence. Things cleared up on the Presidential election front, with both Trump and Hillary creating more separation from the pack.
Have a great day.