OptionEye Macro Outlook Mar. 14th
Overnight corn down 1 to 2 lower, beans 2 lower and wheat 1 lower.
The S&P future is lower by 12 and the Dow future is lower by 78 points.
Very quiet day in equities as the world awaits what the Fed might do/say here on Wednesday afternoon. I say they keep rates on hold and give more waffle on watching the data. Nothing too surprising.
The 10 year yield trading at 1.93% as it takes a defensive stance on rates.
The oil market sold off hard yesterday as Iran said they wanted to keep pumping. This morning oil is lower again by .92 cents to $36.26. Gold is unchanged at $1235.25. Things are definitely on hold waiting for the Fed. Today will be quiet as well.
The dollar is a tad strtonger at 96.75 up .12.
Today we get a slew of data that might have the chance of moving the markets. We get retail sales, PPI, Empire Manufacturing and Total Net TIC Flows.
Unless we get a shocker, it's all about tomorrow afternoon.