Santa Powell? | Morning Express | 12/14/2022
Posted: Dec. 14, 2022, 8:17 a.m.
Do not miss yesterday's Midday Market Minute, breaking down the CPI volatility ahead of the Fed.
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The Federal Reserve concludes its two-day policy meeting at 1:00 pm CT. They are expected to hike rates by 50bps with a 79.4% probability. We will be watching the fluctuation of expectations for February, which currently is signaling another 25ps with a 55.7% probability. Markets will be prepared for another 50bps in February. However, an increase in those expectations would likely force the emergence of added rate hikes through March, raising the favored terminal rate above 475/500bps, and risk-assets may not respond favorably to that.
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E-mini S&P (March) / NQ (March)
S&P, yesterday’s close: Settled at 4055.25, up 30.25
NQ, yesterday’s close: Settled at 11,958.75, up 129
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NQ (March)
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Crude Oil (January)
Yesterday’s close: Settled at 75.39, up 2.22
- Weekly EIA inventory report out at 9:30 am CT, analysts expect -3.595 mb Crude, +2.714 mb Gasoline, and +2.517 mb Distillates. The big factor remains SPR and Exports.
- The IEA Monthly Report was upbeat, raising 2023 demand outlook by 100,000 bpd to 101.6 mbpd.
Bill Baruch joined the Yahoo Finance closing bell Monday afternoon to discuss all things energy.
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Gold (February) / Silver (March)
Gold, yesterday’s close: Settled at 1825.5, up 33.2
Silver, yesterday’s close: Settled at 23.99, up 0.587
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Silver (March)
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