Stock traders have hit the pause button after President Trump’s speech on Tuesday night prompted a big rally on Wednesday. Today, Dow futures are down 20 points in pre-opening trading, and there was no market-moving news overnight.
The 300-point move in the Dow yesterday seems like a very big reward for someone who basically managed to read a teleprompter. Trump still has to prove he can morph from the erratic character he portrayed before his speech to the steady, focused characterwe saw during it.
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In last week’s commentary, I said the March FOMC meeting was the best window for the Fed to make a move as long as Trump did not roil the markets this week. He did not.
March makes sense for a raise because the next Fed meeting is sandwiched in-between the two-part French election and the Fed hates to risk anything around a foreign vote.
This week it seems Fed officials have all but said to expect a move in March, and the bond market has adjusted for that. Fed chair Janet Yellen will get a chance on Friday to either confirm or refute that impression. The bond market is ready for a confirmation.
Dwight Johnston is the chief economist of the California and Nevada Credit Union Leagues and president of Dwight Johnston Economics. He is the author of a popular commentary site and is a frequent speaker at credit union board planning sessions and industry conferences.
March 2, 2017
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A Big Reward For Good Behavior
Stock traders have hit the pause button after President Trump’s speech on Tuesday night prompted a big rally on Wednesday. Today, Dow futures are down 20 points in pre-opening trading, and there was no market-moving news overnight.
The 300-point move in the Dow yesterday seems like a very big reward for someone who basically managed to read a teleprompter. Trump still has to prove he can morph from the erratic character he portrayed before his speech to the steady, focused characterwe saw during it.
Make Dwight A TRUSTED Part Of Your Day
Read more insights from Dwight Johnston on TrustCU.com or register for his Daily Dose e-newsletter to receive his blogs straight to your inbox.
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In last week’s commentary, I said the March FOMC meeting was the best window for the Fed to make a move as long as Trump did not roil the markets this week. He did not.
March makes sense for a raise because the next Fed meeting is sandwiched in-between the two-part French election and the Fed hates to risk anything around a foreign vote.
This week it seems Fed officials have all but said to expect a move in March, and the bond market has adjusted for that. Fed chair Janet Yellen will get a chance on Friday to either confirm or refute that impression. The bond market is ready for a confirmation.
Dwight Johnston is the chief economist of the California and Nevada Credit Union Leagues and president of Dwight Johnston Economics. He is the author of a popular commentary site and is a frequent speaker at credit union board planning sessions and industry conferences.
Daily Dose Of Industry Insights
Stay informed, inspired, and connected with the latest trends and best practices in the credit union industry by subscribing to the free CreditUnions.com newsletter.
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