3 New Names on the Radar
We have flattish markets around the world ahead of the CPI tomorrow. Markets are trying to get comfortable with Fed expectations of a ceiling at 5.19% and a year-end 4.9% target. So far it seems like the world is handling 5% rates okay. Most experts predicted a big recession by now. SPX pulled back 100 handles of fthe 4195 highs. Does it start a downside active sequence, or is it just a digestion phase? That’s the question. We should know more tomorrow after the CPI tomorrow. L SPY hit a high of $418.31 on Feb 2 and made a low of $405 Friday. A bit of momentum was lost, but the more intermediate trend is still intact. Tomorrow’s CPI will be important. There’s risks to both longs and shorts. $410-$411 will be resistance if we rally. Now let’s dig into 3 individual names I typically don’t cover in the Morning Note: SMCI seems like it has a decent setup. Some are long vs. the 8 day down near $82ish. Others are waiting for a move and hold above $93.90ish. SSTK has a decent setup. Some are long vs. $72. Others are waiting for it to get and stay above $81.25. GILD has a nice chart. Some are long vs. $85. Others are waiting for it to get and stay above $87.18 Scott Redler’s positions disclosure as of 2023-02-13 at 8.35.09 AM
Continue Reading -->Coffee With Greta: CPI Week Begins
DJIA Futures: +1 (+0.01%) SPX Futures: +6 (+0.1%) NASDAQ Futures: +50 (+0.4%) Good morning friends! Futures are mostly higher as traders look to rebound from the worst week since December and look ahead to key inflation data. Let’s get right to it! Inflation Week Begins It’s inflation week yet again with traders awaiting the January CPI. That data will be released by the Bureau of Labor Statistics Tuesday morning at 8:30 a.m. ET. Headline inflation is expected to have risen 0.4% monthly and 6.2% annually at the beginning of 2023. The core CPI is expected to rise 0.3% monthly and 5.4% year over year. The data will give traders more insight on the impact of the Fed’s rate hikes so far after the Fed chair said the “disinflationary process has begun”. The first piece of key inflation data will come later today with the release of the New York Fed’s survey of consumer expectations at 11:00 a.m. ET. The market is focused on the 1-year and 5-year inflation expectations in that survey. Another Big Earnings Week On top of the inflation data in focus this week, the market will also continue to digest more Q4 earnings. Here’s some of the key companies scheduled to report: Tuesday AM: Coca-Cola (KO), Marriott (MAR) Tuesday PM: Airbnb (ABNB) Wednesday AM: Kraft Heinz (KHC), Roblox (RBLX) Wednesday PM: Cisco (CSCO), Shopify (SHOP), Roku (ROKU) Thursday AM: Hasbro (HAS) Thursday PM: DoorDash (DASH), DraftKings (DKNG) Meta Planning More Layoffs Meta Platforms (META) shares are up 2.3% ahead of the open amid reports the company is planning another round of layoffs. The Financial Times reported the social media giant has delayed finalizing the budgets of several teams as it prepares for more layoffs. Those cuts would be on top of the 11,000 employees let go by Meta in November. Meta has not confirmed the report and it’s unclear how big the next round of cuts could be. Ford EV Announcement Coming Up Ford (F) shares are 0.1% higher in premarket trade ahead of an EV announcement today. The automaker announced Sunday that it had something to say about “its plan to rapidly scale EVs and make them more accessible to customers”. Ford is scheduled to host a streaming event at 1:45 p.m. ET. Analysts are betting the company will announce a new battery plant with Contemporary Amperex Technology Co. Ford said last summer it was exploring batteries based on the company’s technology and it planned to localize lithium iron phosphate battery production in North America.
Continue Reading -->Coffee With Greta: Slide Continues
DJIA Futures: -93 (-0.3%) SPX Futures: -17 (-0.4%) NASDAQ Futures: -85 (-0.7%) Good morning friends! Futures are falling with the S&P 500 on track for its worst week in 2 months. Let’s get right to it! PayPal Beats Q4 Expectations, CEO Retiring PayPal (PYPL) shares are up 1% ahead of the open after beating Q4 profit expectations and announcing its CEO’s departure. Here’s how the digital payment company’s results compared to analysts’ estimates: Adjusted EPS: $1.24 vs $1.20 expected Revenue: $7.38 billion vs $7.39 billion expected The results were in line with PayPal’s previous outlook. The company forecast 7.5% revenue growth in Q1 and adjusted EPS to range between $1.08 to $1.10. It expects to book an estimated restructuring charge of $100 million in Q1 related to layoffs it announced in late January. PayPal also announced its CEO Dan Schulman will leave the company at the end of 2023 but will stay on as a member of the board. Schulman said, “I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day. Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers.” Lyft Tanks On Weak Guidance Lyft (LYFT) shares are tumbling 31.1% in premarket trade despite reporting record Q4 revenue as the company’s outlook came in weak. Here’s how the rideshare giant’s Q4 results compared to analysts’ estimates: Adjusted loss per share: $0.74 vs $0.13 EPS expected Revenue: $1.18 billion vs $1.15 billion expected But the company said it only expects $975 million in Q1 revenue, falling short of analysts’ expectations for $1.09 billion. The CFO said, “Our Q1 guidance is the result of seasonality and lower prices, including less Prime Time.” Expedia Tumbles After Q4 Miss Expedia (EXPE) shares are falling 2.3% ahead of the open after missing Q4 expectations on the top and bottom line. Here’s how the company’s results compared to analysts’ expectations: Adjusted EPS: $1.26 vs $1.71 expected Revenue: $2.62 billion vs $2.69 billion expected Gross bookings: $20.51 billion vs $20.96 billion expected But Expedia blamed those weak results on severe weather seen across the U.S. at the end of Q4. The CEO said, “While our Q4 results were negatively impacted by severe weather, demand was otherwise strong and accelerating, and has been markedly stronger since the start of the year.” The company did not provide guidance. Coming Up: Consumer Sentiment The University of Michigan releases the early February reading of its consumer sentiment index at 10:00 a.m. ET today. That index is expected to improve to 65.1 from 64.9 at the end of January. The survey also includes consumers’ 1-year and 5-year inflation expectations. Those expectations have been a key metric both the market and the Fed are watching. In Case You Missed It Yahoo became the latest tech company to announce mass layoffs on Thursday. The company unveiled plans to cut 20% of its staff by year-end, including 1,000 layoffs by the end of this week. The Yahoo for Business unit will be slashed in half. GlobalFoundries (GFS) shares rallied 3.5% Thursday after signing a long-term supply agreement with General Motors (GM). That agreement makes GlobalFoundries GM’s exclusive semiconductor maker. GFS will establish dedicated production capacity for GM’s suppliers at its facility in upstate New york. GM said the agreement “will help establish a strong, resilient supply of critical technology in the U.S. that will help GM meet this demand while delivering new technology and features to our customers.”
Continue Reading -->Coffee With Greta: Disney Pops
DJIA Futures: +214 (+0.6%) SPX Futures: +32 (+0.8%) NASDAQ Futures: +156 (+1.2%) Good morning friends! Futures are higher with Disney shares popping after strong earnings. Let’s get right to it! Disney Beats Fiscal Q1 Expectations, Unveils Restructuring Walt Disney (DIS) shares are rallying 6.1% ahead of the open after beating fiscal Q1 expectations. Here’s how the entertainment giant’s results compared to analysts’ estimates: Adjusted EPS: $0.99 vs $0.78 expected Revenue: $23.51 billion vs $23.37 billion expected Disney+ Subscriptions: 161.8 million vs 161.1 million expected This is the first earnings report released by Disney since CEO Bob Iger resumed his executive role. In a statement, Iger said, “We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.” Disney also announced plans to reorganize into three segments and cut thousands of jobs. Those divisions will be: Disney Entertainment ESPN Parks, Experiences, and Products Unit The company is also laying off 7,000 employees, representing about 3% of its workforce. Affirm Drops On Earnings Miss, Company Announces Layoffs Affirm (AFRM) shares are tumbling 15.4% in premarket trade after missing fiscal Q2 earnings on the top and bottom line. Here’s how the buy now, pay later company’s results compared to analysts’ expectations: Loss per share: $1.10 vs $0.95 expected Revenue: $400 million vs $416 million expected The CEO said, “A key operational misstep contributing to these results is that we began increasing prices for our merchants and consumers later in the year than we should have, and this process has taken us longer than we anticipated.” Affirm also announced it is cutting 19% of its workforce, effective immediately. The company expects $360 million to $380 million in fiscal Q3 revenue vs $418 million expected. For the full year, Affirm forecast $1.475 billion to $1.550 billion in revenue, down from its previous outlook for $1.6 billion to $1.675 billion. Price Hikes Boost PepsiCo Earnings PepsiCo (PEP) shares are up 1.5% ahead of the open after beating Q4 expectations on the top and bottom line. Here’s how the beverage maker’s results compared to analysts’ estimates: Adjusted EPS: $1.67 vs $1.65 expected Revenue: $28 billion vs $26.84 billion expected That beat came even as sales volume fell but consumers paid higher prices for PepsiCo snacks and drinks. Volume dropped 7% at Quaker Foods North America and fell 2% at its North American beverage division. PepsiCo expects 8% growth in earnings this year vs analysts’ expectations for 7.3% growth. The company also announced a 10% increase to its annual dividend and plans to repurchase $1 billion worth of shares this year. Weekly Jobless Claims Rise More Than Expected Weekly jobless claims rose more than expected in early February. The Labor Department reported 196,000 Americans filed initial claims for unemployment benefits last week. That was a 13,000 person increase from the week before and higher than 190,000 expected. Continuing claims also rose by 38,000 to 1.69 million in the week ending January 28. In Case You Missed It Alphabet (GOOGL) shares tumbled 7.7% on Wednesday after holding an event to showcase its new artificial intelligence chatbot called Bard. Google said it will begin rolling out the new technology in the coming weeks. The event also highlighted new AI improvements in other Google products like Maps and Lens. The reveal came one day after Microsoft (MSFT) hosted a similar AI event to unveil new updates to its Bing search engine.
Continue Reading -->Coffee With Greta: Focus Turns To Earnings
DJIA Futures: -114 (-0.3%) SPX Futures: -20 (-0.5%) NASDAQ Futures: -58 (-0.5%) Good morning friends! Futures are slipping as traders digest earnings and gear up for more Fed speakers today. Let’s get right to it! CVS Beats Q4 Expectations, Confirms Oak Street Acquisition CVS Health (CVS) shares are up 2.9% ahead of the open after beating Q4 earnings expectations and confirming it is buying Oak Street Health (OSH). Here’s how the healthcare giant’s results compared to analysts’ estimates: Adjusted EPS: $1.99 vs $1.92 expected Revenue: $83.85 billion vs $76.32 billion expected Revenue was up 9.5% year over year. CVS expects adjusted EPS of $8.70 to $8.90 in 2023, in line with estimates of $8.84. The company also announced an all-cash $10.6 billion deal to purchase primary-care provider Oak Street Health. CVS will pay $39 per share for the company, OSH shares are up 5% ahead of the open. CVS’s CEO said, “2022 was a year of progress, and we continue to build on that momentum with bold moves that will improve the health care experience.” Oak Street will become part of CVS’s Health Care Delivery organization and the company’s current CEO will continue to lead the unit. Uber Rallies On Earnings Beat Uber (UBER) shares are 7% higher in premarket trade after beating Q4 expectations on the top and bottom line. Here’s how the ride share giant’s results compared to analysts’ expectations: EPS: $0.29 vs $0.18 per share loss expected Revenue: $8.6 billion vs $8.49 billion expected Mobility gross bookings: $14.9 billion vs $14.8 billion expected Delivery gross bookings: $14.3 billion as expected Revenue jumped 49% year over year. The CEO said it was Uber’s “strongest quarter ever” capping off its “strongest year.” The company also hit 2 billion trips in a single quarter for the first time. Uber expects gross bookings to grow between 20% and 24% this quarter. Chipotle Falls On Disappointing Q4 Earnings Chipotle Mexican Grill (CMG) shares are falling 4.2% ahead of the open after reporting disappointing Q4 earnings. Here’s how the restaurant chain’s results compared to analysts’ estimates: Adjusted EPS: $8.29 vs $8.90 expected Revenue: $2.18 billion vs $2.23 billion expected It’s the first time Chipotle has missed expectations on the top and bottom line since Q3 2017. Same-store sales rose just 5.6% vs analysts’ expectations for 6.9%. The CFO said, “As we got around the holidays, we just didn’t see that pop, that momentum, that we normally see … frankly, we started the quarter soft, and we ended the quarter soft.” But the CEO said those weaker restaurant traffic trends have already reversed in the new year. Chipotle said it expects same-store sales growth in the high single digits this quarter while analysts are estimating 6.7% growth. The CFO said the company is not planning anymore price hikes this year. Mortgage Demand Jumps Mortgage demand jumped last week as rates fell for the fifth week in a row. The Mortgage Bankers Association reported total application volume jumped 7.4%. That was led by a surge in refinance applications, which rose 18% weekly but were still 75% lower year over year. Purchase applications rose 3% weekly and were 37% lower annually. The increase came as the average 30-year fixed contract rate fell to 6.18% from 6.19%. But those rates jumped sharply at the start of this week after the hot January jobs report on Friday and comments from the Fed chair that the bank could continue raising rates. More Fed Speakers Several Fed officials are scheduled to speak today, keeping the market on edge about the bank’s future plans. New York Fed President John Williams, Fed Governor Lisa Cook, Fed Vice Chair Michael Barr, Atlanta Fed President Raphael Bostic, Minneapolis Fed President Neel Kashkari, and Fed Governor Christopher Waller are all speaking at some point in the day. These speeches come after Fed Chair Jerome Powell spoke to the Economic Club of Washington on Tuesday. He said, “The disinflationary process, the process of getting inflation down, has begun and it’s begun in the goods sector, which is about a quarter of our economy.” But he also said that process still “has a long way to go.” Powell highlighted the strong January jobs report as an issue saying, “if we continue to get, for example, strong labor market reports or higher inflation reports, it may well be the case that we have to do more and raise rates more than is priced in.” In Case You Missed It Zoom (ZM) shares rallied 9.9% on Tuesday after announcing layoffs. The CEO made that announcement in a blog post. Zoom plans to cut about 15% of its workforce, impacting 1,300 employees. The CEO said the company needs to adapt to the “uncertainty of the global economy” and “its effect on our customers.” The stock is down 1.9% ahead of the open.
Continue Reading -->Coffee With Greta: Traders Await Powell
DJIA Futures: -114 (-0.3%) SPX Futures: -7 (-0.2%) NASDAQ Futures: -1 (-0.01%) Good morning friends! Futures are mostly lower as traders await a speech by Fed Chair Jerome Powell. Let’s get right to it! Powell On Deck Fed Chair Jerome Powell is scheduled to speak at an event at the Economic Club of Washington today. Powell’s speech is expected to begin around 12:40 p.m. ET. The market is monitoring this speech after the chairman struck a more dovish tone after last week’s rate hike. But after the January jobs report came in hot on Friday, Powell’s tone may shift back to be more hawkish. Minneapolis Fed President Neel Kashkari maintained his hawkish stance in an interview with CNBC this morning. Kashkari said, “We have a job to do. We know that raising rates can put a lid on inflation. We need to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy.” He sees the federal funds rate peaking at 5.4% later this year, from the current range of 4.5% to 4.75%. But other Fed officials see the terminal rate around 5.1%. Kashkari highlighted the continued strength in the labor market as an issue. He said that data “tells me that so far we’re not seeing much of an imprint of our tightening to date on the labor market.” Pinterest Slips On Q4 Revenue Miss, Weak Outlook Pinterest (PINS) shares are falling 1% ahead of the open after missing Q4 sales expectations and issuing weak guidance. Here’s how the social media company’s results compared to analysts’ estimates: EPS: $0.29 vs $0.27 expected Revenue: $877 million vs $886.3 million expected Q4 revenue was up 4% year over year while overall sales for the year rose 9%. For the full-year, Pinterest logged a net loss of $96 million. The company forecast Q1 sales growth in the “low single digits” vs analysts’ expectations of 6.9% growth. But the CEO remains optimistic about the turnaround. He said, “While the industry as a whole is facing headwinds, we are adapting quickly to a changing macro environment and are committed to creating a more positive online experience for our users and advertisers.” Bed Bath & Beyond Collapses Bed Bath & Beyond (BBBY) shares are plummeting 37.5% in premarket trade after the company announced a new public offering to raise more than $1 billion. The company will be offering shares of Series A convertible preferred stock, warrants to purchase Series A shares, and warrants to buy the common stock. Analysts see this as a last ditch effort to raise cash before a bankruptcy filing. Wedbush analysts lowered their price target on the stock to $0 after the announcement. Oak Street Health Rallies On CVS Acquisition News Oak Street Health (OSH) shares are surging 34.6% ahead of the open on news CVS (CVS) is nearing a deal to buy the company. The Wall Street Journal reported today that CVS is close to an agreement to acquire Oak Street for about $10.5 billion including debt. That would price the company around $39 per share, the stock closed at $25.96 on Monday. Oak Street operates more than 160 primary-care centers across 21 states and focuses on patients enrolled in Medicare. Annual Trade Deficit Hits Record The U.S. trade deficit widened less than expected in December but the annual gap hit a record-high. The Commerce Department reported that gap increased 10% to $67.4 billion at the end of 2022. That was better than economists’ expectations of $68.5 billion. Meantime, the annual deficit jumped 12.2% to $948 billion in 2022. Exports rose 17.7% last year to $3 trillion while imports rose 16.3% to $4 trillion.
Continue Reading -->Swing Trading 101: How Sami Lost $65,000 Before He Hit It Big
Before I got into the stock market, I was a CPA. After 8 years of continuing education, I decided I’m not doing that anymore. So, I gave up my CPA license. But I had saved up $20,000 while I was going to college, and didn’t know what to do with it. I read about how Warren Buffett, the second richest man in the world, made all of his money from investing. So I was fascinated. And then I read about a 21-year old kid from New York, who made $1 million dollars the year before. I thought “I’m going to blow them out of the water.” That’s how competitive I was. Not arrogant, just competitive. So I opened an account with $16,000, and in 6 months, I made $10,000. 6 months after that, I had $50,000 We’re not talking big money here but I was amazed that I went from $16,000 to $50,000 in a year. My PhD brother said “if you can make that kind of money by buying and holding, imagine what you could do playing these active stocks. He was referring to the stocks on the new highs list. That’s when I got into day trading. And then in a few short months, I lost everything, and $15,000 more. So I lost $65,000 off the top. That when I realized I didn’t know as much as I thought I did. And I started to look for professional trading education. After that I participated in a trading challenge from Zacks.com. The winner of that challenge received $100,000 at the end of the year. I did rather poorly. But I did something achieved something than winning the challenge. I met the guy who who. He turned $100,000 into $2 million within a year. He wrote a blog post about his dad passing away. So I just sent him a heartfelt message expressing my condolences. And then we got to talking and then he told me that he had been a professional trader for 15 years. He learned from a system called Trading the Pristine ® method. He told me to check it out, so I did.The rest is history. I became a member of the community, and then I was invited to teach. I didn’t want to be a teacher. I just wanted to trade. But my house was being remodeled, and I thought I’d try it for 6 months during the construction. Before I knew it, I was a full-time trader and educator. Eventually, I was named Director of Education of T3 Live. Now let’s talk some actual trading. Throughout the course of my trading career, I realized that not everything works the same in all conditions. Some strategies are only suited for certain environments. So I’ve accumulated a number of strategies over the years that deploy based on market conditions. Today I’m going to talk about swing trading, which is my wealth-building tool. Day trading is for income. Institutional money can’t get in and out of the positions in a day or two. They’re trading millions upon millions of shares. So they’d like to hold for a long time. And they can push stocks up or down by quite a lot. So swing trading gives you the opportunity to take advantage of the institutions’ buying power. Scroll up and watch the video to learn more about Sami’s swing trading strategy.
Continue Reading -->Sami’s Swing Trade Game Plan This Week
Get Sami Abusaad’s swing trade game plan for this week: Find out: Sami’s key levels in SPY, QQQ, and IWM Why ACAD, ETSY, SQQQ, and YANG are on his bullish radar Why AIT, BILL, DB, and RIO could drop
Continue Reading -->META $197 Is the Level to Watch
SPX futures are -30 after hitting a high of 4195 last week. I sold the BOS account and reduced risk across all my trading accounts. Now we see what’s next. 4076-4094 is support zone number one (8 day support). The bigger area is 4015-4048. SPY gave nice opportunities long. It hit a high of $418.34 to reduce. On Friday, it gave signals to bring risk down. The first support area is $407-$408.64. If we see a move below that this week, the next big spot is $397.50ish-$401. QQQ’s hit a high of $313 last week. On Friday it closed below $306.73. Now we’ll see if there’s a 5-15-30 minute low to trade against, or if it reclaims $304.57. 8 day support is near $298ish. We have mostly red arrows around the world after a big start to 2023. Spain’s Hot CPI is putting some pressure on Europe, and most of China is lower after a holiday week. Now let’s dig into some individual names: META has a big earnings gap to be long against. This can give clues on the strength of the tape. See if it holds and up and clears $197. This will be a focus moving forward. It’s been very good to us since December. TSLA became my 2023 focus again on January 6 on the bullish engulfing candle. It hit $199 last week. In a sea of red, it’s up this morning. The SEC case was thrown out. This will remain a focus, but I did sell mine Friday. AAPL acted well post-earnings. This stock will give opportunities and clues to the tape. I’ll focus here a bit more. See if it holds $151ish or sees the $148 gap area. AMD had a strong move post-earnings. It seems like dips can be buyable if this market stays constructive. $83 is some support. $85.53 is Friday’s low. MSFT hit $263 and closed weak on Friday. It’s on the bottom of the list. See if it stays below $257.10 to fill the gap down to the $255 area. Scott Redler’s positions disclosure as of 2023-02-06 at 7.41.24 AM
Continue Reading -->Coffee With Greta: New Week Kicks Off
DJIA Futures: -197 (-0.6%) SPX Futures: -35 (-0.8%) NASDAQ Futures: -142 (-1.1%) Good morning friends! Futures are falling as traders look ahead to a busy week of earnings and an upcoming speech by Fed Chair Jerome Powell. Let’s get right to it! Tyson Shares Slides As Earnings Miss Tyson Foods (TSN) shares are falling 4.8% ahead of the open after missing fiscal Q1 expectations on the top and bottom line. Here’s how the meat processing company’s results compared to analysts’ expectations: Adjusted EPS $0.85 vs $1.31 expected Revenue: $12.93 billion vs $13.52 billion expected The CEO said, “We faced some challenges in the first quarter. Market dynamics and some operational inefficiencies impacted our profitability.” Beef sales dropped to $4.72 billion from $5 billion a year ago while pork sales fell to $1.53 billion from $1.63 billion. Tyson expects those sales declines to continue into the full year. The company said, “For fiscal 2023, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) should be relatively flat compared to fiscal 2022 level.” Tyson forecast fiscal 2023 sales to total between $55 billion and $57 billion vs analysts’ estimates of $55.19 billion. Dell Announces Layoffs Dell Technologies (DELL) shares are up 1.9% in premarket trade after announcing layoffs this morning. A new SEC filing shows the PC company plans to layoff 5% of its workforce. That would impact about 6,650 employees. In a memo to employees, the company’s co-COO said, “There is no tougher decision, but one we had to make for our long-term health and success.” Earnings In Focus This will be a quieter week of economic data with the market’s main focus being on earnings. Here’s a look at some of the companies scheduled to report this week: Monday PM: Activision Blizzer (ATVI), Pinterest (PINS), Spirit Airlines (SAVE) Tuesday PM: Chipotle (CMG) Wednesday AM: CVS (CVS), Uber (UBER) Wednesday PM: Walt Disney (DIS), Robinhood (HOOD) Thursday AM: Pepsico (PEP), Kellogg (K) Thursday PM: PayPal (PYPL), Lyft (LYFT) Fed Speakers Hit The Circuit The Fed also remains in focus this week with several central bank officials set to give speeches over the next two days. Fed Chair Jerome Powell is scheduled to speak at the Economic Club of Washington at 12:40 p.m. EST on Tuesday. Vice Chair Michael Barr will also give a speech Tuesday afternoon. Then on Wednesday several officials are scheduled to speak throughout the day: New York Fed President John Williams Fed Governor Lisa Cook Vice Chair Michael Atlanta Fed President Raphael Bostic Minneapolis Fed President Neel Kashkari Fed Governor Christopher Waller Traders are monitoring these speeches for more hints about the bank’s future plans for rate hikes. After last week’s Fed meeting, Powell struck a more dovish tone saying for the first time that the “disinflationary process has started. The Fed has penciled in two more rate hikes this year followed by a pause with no cuts until 2024. But CME Group’s FedWatch Tool shows the market pricing in as many as two rate cuts before the end of 2023.
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