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Thursday offers a lineup of three possible threats to the markets.

The big day is finally here. Dow futures were approximately 20 points higher in pre-opening trading; bond prices were modestly lower.

First, as expected, the European Central Bank took no action and confirmed the existing plans for the securities program. But what really matters is what ECB president Mario Draghi says. If Draghi indicates there is no rush for the ECB to exit the securitiesbuying program in December, then U.S. bond traders will watch German bond traders and mimic any movement there.

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Second, the general election is underway in England. There seems little chance for a surprise, but traders are not take anything for granted. The markets will have to wait until tonight to react to this event.

And third, the most anticipated event in the United States, ex-FBI director James Comey testifies before Congress beginning at 10:00 a.m. EDT. Because his opening statement has already been released, a lot of the risk has been taken out of this event.Comey will likely stick to the script, and experts seem to agree that his description of events might make Trump look bad in the eyes of many but stops short of doing any real damage.

Although a lot of people might breathe a sigh of relief after Comey’s testimony, it tells us nothing about the ongoing investigation of contacts between Trump officials and Russia since Comey’s firing.

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.

June 8, 2017

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