OptionEye - Macro Outlook - June 18th
Overnight grains have corn down 1, beans down 3 and wheat up 1.
Busy day in Chicago this morning. As I drove in early (on the expressway before 5:00am) I saw a lot of minivans full of Blackhawk fans coming in to the city for the parade and rally. Tons of red and white jerseys already roaming the concrete canyon of Chicago's loop at 6:00am. And oh yea, its Ascot today in England.
The 10 year yield slipping to 2.28% this morning after getting up to 2.43% before the FOMC minutes yesterday. Looks as though nothing was really said and I think that Janet Yellen's comments were rather dovish. We shall see.
Stocks liked the rhetoric as well and recovered their intra day losses and look to open higher again this morning with the S & P future signaling an opening of over 5points higher.
Oil is up .77 cents to $60.69 and gold is up as well to $1198.00 up $12.42.
Toda we get CPI, Current Account Balance, Initial Jobless Claims, Bloomberg Consumer Comfort Index and the Philadelphia Fed Business Outlook. Lots to look over.
Re: OptionEye - Macro Outlook - June 18th
Here are some comments about the fed and interest rates from Peter Schiff.
Peter thinks that interest rates can`t be raised and that is the way it would seem. However, "impossible" things seem to find a way to happen, but so far Schiff has been right. The questions towards Yellen would suggest that reporters are also getting skeptical that rates will rise. I`ve got enough debt, if she wants rates to stay near zero, I`m the last person that will tempt her