Earnings season just ended yesterday, but things are already pretty quiet in terms of news today, and the futures reflect that with levels suggesting just a slightly negative open. Besides weekly mortgage applications which were released earlier, the only release of importance today is the FOMC Minutes from the January meeting. Read all about overnight events around the world and this morning’s news in today’s Morning Lineup.
On the subject of today’s FOMC Minutes, it will be interesting to read about the Committee’s discussion and the ultimate decision to pivot on rate policy. In terms of the market’s expectations for future rate policy this year, it is hard to believe that market pricing for a rate cut between now and the December meeting is still significantly higher than the odds of a hike. At just a 1% probability, market expectations for a rate hike are pretty much non-existent.
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