This was the reaction from the market on October 15th as economic numbers (jobless claims) suggested that there would be no rate hike in 2015. last week the Fed hinted it would raise rates in December and the market rallied over that.
Crude futures were down over $1.50 last night (stronger $, OPEC comments), they suddenly reversed and are now up 30 cents.
Today we will be impacted by this:
Advanced Notice of a Meeting under Expedited Procedures
It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 AM on Monday, November 23, 2015, will be held under expedited procedures, as set forth in section 26lb.7 of the Board’s Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Meeting Date: Monday, November 23, 2015
Matter(s) Considered
1. Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.
My thoughts are that the FED is worried that “bad things” might show up in indicators between now and mid December when rate decisions are announced, retail sales may just be god awful and we can’t “alibaba” numbers here in the US.
It is a short week and moves are amplified in thin markets.
The Market hates a vacuum and I hear a huge sucking noise.
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