(Wednesday Market Open) The Fed might steal the show today with minutes from its last meeting and a host of speakers approaching podiums. Otherwise, focus remains on coronavirus, but stocks ticked higher in pre-market trading after yesterday’s nice late comeback.
Five Fed officials deliver remarks Wednesday at separate events. Some things to consider listening for—besides any interest rate or balance sheet observations—include their thoughts on how coronavirus might affect the economy, the impact of the virus on China, the latest inflation data, and how U.S. economic growth is shaping up.
If you check what analysts have been saying, Q1 gross domestic product (GDP) might be below 2%. The futures market is building in higher chances of a Fed rate cut in the coming months, maybe in part because of the virus and its impact (see more below). Fed minutes are due this afternoon and could give some insight into recent thinking on Constitution Avenue back when the Federal Open Market Committee (FOMC) left rates unchanged last month.
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