Fundamentals Improve For Indices


Futures are lower after corporate earnings reports disappointed. 

Yesterday’s March consumer credit report showed an increase of only $6.3 billion when up $15 billion was expected.

The 9:00 central time March wholesale inventories report is anticipated to show a 0.4% decline.

The fundamentals and technicals are becoming more bullish.

Electronic ticker board


The U.S. dollar index is higher.

Interest rate differentials have turned neutral for the U.S. dollar.

German industrial production fell 0.4% month-over-month in March 2024, compared with market predictions of a 0.6% drop.

It is unlikely that the Bank of England will lower interest rates at its May 9 policy meeting. However, there is a growing probability that the BOE will cut interest rates at its June 20 meeting.

Bank of Japan Governor Ueda said he will not comment specifically on recent foreign exchange moves.


Futures are steady to lower.

Tuesday’s auction of $58 billion in 3-year Treasury notes received strong bidding.

The Treasury will auction 10-year notes today.

Federal Reserve speakers today are Philip Jefferson at 10:00, Susan Collins at 10:45 and Lisa Cook at 12:30.

Earlier this week it was reported that U.S. banks saw a weakening in demand for industrial loans and a decline in household demand for credit in the first quarter of 2024, according to a Federal Reserve survey of senior loan officers.

Financial futures markets are predicting there is a 65% probability that the Federal Open Market Committee will lower its fed funds rate by 25 basis points at its September 18 meeting.

The fundamentals and technicals have improved for futures, especially at the long end of the yield curve.



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