FOMC Minutes Today
STOCK INDEX FUTURES
The International Monetary Fund expects the world economy will grow 6.0% this year, which is the most since 1980, when it started tracking data on a comparable group of countries. This is an upgrade from a projection of 5.5% growth the IMF made in January.
Mortgage applications in the week ended April 2 fell 5.1%, which is the fifth consecutive decline. Applications to purchase a home were down 4.6% and home refinancing dropped 5.3%.
The 2:00 central time February consumer credit report is expected to show an increase of $5.0 billion.
Stock index futures continue to perform well for the news.
The euro currency is a little higher after the release of the IHS Markit euro zone services PMI , which was revised higher to 49.6 in March 2021, from a preliminary estimate of 48.8. However, incoming new business fell for an eighth consecutive period, with foreign sales falling for a 31st month.
Household spending in Japan fell for the third straight month in February, while a services PMI marked its highest reading since January 2020.
INTEREST RATE MARKET FUTURES
The June 30-year Treasury bond futures remain above a two-month downtrend line and are showing signs of stabilizing by not making news lows when there is bearish news.
At 1:00 the Federal Reserve will release the minutes from its March 17 policy meeting.
The Federal Open Market Committee issues minutes of its meetings with a three week lag after the meeting.
Federal Reserve Bank of Dallas President Robert Kaplan said it is not time for the central bank to pull back on its support for the economy.
Federal Reserve speakers today are Charles Evans at 8:00, Robert Kaplan at 10:00, Thomas Barkin at 11:00 and Mary Daly at 1:00.
In my minority view, I am seeing indications that global economic growth may not be as strong as many analysts are predicting.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.