FOMC this afternoon, and see where it takes gold at the end of the day.
Market Review:
All Eyes on Today, and on May 3
That CME FedWatch Tool is still showing the likely outcome of a quarter point rate hike later today. The percentage has firmed up to a little above 89%. That still leaves a greater than 10% chance of no change. It's important to note, this tool is based on market movements, and not on the thinking of the FOMC. So this could best be viewed as the market expectation of the FOMC action.
Clicking over to the May 3 tab, you can see 5-5.25 sitting at over 65%. A week ago, that was at 36.2%, and just yesterday it was 59.8%. What will that look like this time tomorrow? There is a rate decision at 2:00pm ET today, but there is also a press conference at 2:30pm ET.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
Mar 22 FOMC Statement
Mar 24 Flash Services PMI
Mar 28 Consumer Confidence
Mar 31 Core PCE
Apr 3 ISM Manufacturing PMI
Key Numbers Opens: Above or Below
4085.75 was the open of Feb 2023
4038.75 is the open
3968.50 is the open of the Month
3963.75 is the open of the Week
3895.00 is the open of 2023
What's Hot and Not!
Gold
Gold Futures opened the month at 1827.10 and the low in Gold this month has been 1811.50. Recently Gold has pushed up to a high of 2003.90. Tuesday's low of 1938.00 has already been pushed past, but the market could be making a small wave higher. Watch gold for the end of the day though, after the FOMC press conference.
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