Market participants laser-focused on next week’s FOMC meeting

On Tuesday of next week, the Federal Reserve will hold its second Open Market Committee meeting of the year. This will be followed by an FOMC statement and press conference by Chairman Jerome Powell on the following day March 22.

One week ago, on March 9 the probability that the Federal Reserve would take a break from the consecutive rate hikes was zero according to the CME’s FedWatch tool. Yesterday the FedWatch tool predicted that there was a 45.4% probability that the Fed would not raise rates next week. Today that probability has lessened to 18.1%. Currently, CME’s FedWatch tool is projecting an 81.9% probability that the Federal Reserve will raise rates by ¼%.

The most recent development is a large injection of capital with a pledge of $30 billion to be funded by 11 major US banks which will be deposited into the First Republic Bank. Federal banking regulators applauded the support of this large bank group because it validates the resilience of the banking system in the United States.

Tagging Wagner these days doesnt produce desired results. 😁

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