OptionEye Macro Outlook July 27th
FOMC this afternoon may keep things a little close to the vest. Right now Fed Funds are pricing in a 10% of a rate hike. I think that is a fair price. They are pricing in a 50/50 chance for a December hike. I'm not in that camp but that is what makes a market.
Overnight corn steady to a little easier, beans are up 6 to 7 cents and wheat is sharply unchanged.
The stock market wil open a tad better as we await the FOMC. The S&P future is up 3 points and the Dow future is up 30 points.
The 10 year yield is also frozen in its tracks as it hovers at 1.56%.
The oil market is lower again this morning with Morgan Stanley calling for $35 per barrel. This morning oil trades at $42.62 down .30 cents. Gold is basically unchanged at $1320.48 down .19 cents.
The dollar is hanging in there up .11 to 97.27.
Today we get MBA Mortgage Applications, Durable Goods Orders, Capital Goods Orders, Pending Home Sales and obviously the FOMC Rate Decision.