Stocks have been steady overnight. Today is all about the Fed. They are expected to hold interest rates steady, and the quarterly dot plot should give investors more insight into the committee's thoughts. Investors will focus on Fed Chair Jerome Powell’s press conference and his juggling act between communicating the central bank’s current view of the economy and weighing the potential impact of Trump’s trade policy.
Don't forget, due to the clock changes, it is an hour earlier in Europe.
Overnight, the BOJ kept rates steady and signaled concern about the impact of trade tensions on the global economy. BOJ Governor Ueda kicked off his press conference with the standard line that “Japan’s economy is recovering moderately" and that uncertainties remain high for the Japanese economy and prices. He said that the trend for consumer prices continues to rise but is still below the central bank’s 2% target. Hawkish, yet $/JPY moved back to 150.
In USDTRY, Turkish authorities revoked Istanbul’s mayor Ekrem İmamoğlu’s university diploma in a move that could bar him from challenging Erdoğan in the next presidential election.
In commodities, oil slipped as broader market weakness and concerns about a global glut of crude overshadowed escalating tensions in the Middle East. Meanwhile, gold extended a record high to around $3,045 an ounce, but today is all about the Federal Reserve rate decision at 6 p.m. GMT and the press conference at 6:30.
