{"id":68742,"date":"2023-06-15T09:02:53","date_gmt":"2023-06-15T13:02:53","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68742"},"modified":"2023-06-15T09:02:53","modified_gmt":"2023-06-15T13:02:53","slug":"coffee-with-greta-after-the-fed","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/06\/15\/coffee-with-greta-after-the-fed\/","title":{"rendered":"Coffee With Greta: After The Fed"},"content":{"rendered":"

Register now<\/a> for next week's free Q&A with pro trader Patrick Hawe on LinkedIn!<\/strong><\/p>\n

DJIA Futures: <\/b>-42 (-0.1%)<\/span><\/p>\n

SPX Futures: <\/b>-14 (-0.3%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-77 (-0.5%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are lower as traders digest Wednesday\u2019s Fed decision and new economic data.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Two More Rate Hikes<\/span><\/h2>\n

The Federal Reserve skipped a rate hike as expected on Wednesday but surprised traders with a more hawkish summary of economic projections.\u00a0<\/span><\/p>\n

The Federal Open Market Committee voted to keep rates unchanged at the current range of 5% to 5.25%.<\/span><\/p>\n

Chairman Jerome Powell said the bank would use the next six weeks to \u201ctake into account the cumulative tightening of monetary policy.\u201d<\/span><\/p>\n

The Fed\u2019s updated dot plot showed a terminal rate of 5.6% in 2023 which indicates two more 25bps rate hikes.\u00a0<\/span><\/p>\n

CME Group\u2019s FedWatch Tool shows over 69% of traders betting on a rate hike at the July meeting<\/span><\/p>\n

May Retail Sales Beat Forecasts<\/span><\/h2>\n

U.S. retail sales rose unexpectedly in May.\u00a0<\/span><\/p>\n

The Commerce Department reported retail sales jumped 0.3% to $686.6 billion.\u00a0<\/span><\/p>\n

That beat expectations for sales to fall 0.2%.\u00a0<\/span><\/p>\n

Sales at car dealers rose 1.4% while sales at building material stores jumped 2.2%.<\/span><\/p>\n

Gas stations saw the largest decrease, with sales falling 2.6%.<\/span><\/p>\n

Retail sales excluding autos rose 0.1%, as expected.\u00a0<\/span><\/p>\n

Weekly Jobless Claims Jump<\/span><\/h2>\n

Weekly jobless claims rose unexpectedly last week.\u00a0<\/span><\/p>\n

The Labor Department reported 262,000 Americans filed initial claims for unemployment benefits.\u00a0<\/span><\/p>\n

That was up by 1,000 from the previous week and higher than 250,000 expected.<\/span><\/p>\n

Continuing claims also rose by 18,000 to 1.78 million in the week ending June 3.<\/span><\/p>\n

Mixed Manufacturing Data<\/span><\/h2>\n

Two key manufacturing indexes show mixed activity across the country.\u00a0<\/span><\/p>\n

The Empire State manufacturing index rose sharply this month to 6.6 from -13.8% in May.\u00a0<\/span><\/p>\n

That beat economists\u2019 expectations for the index to fall to -15.\u00a0<\/span><\/p>\n

But the Philly Fed Manufacturing index fell further to -13.8 from -10.4 in May.\u00a0<\/span><\/p>\n

That was in line with estimates.\u00a0<\/span>
\n<\/strong><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • Mediterranean restaurant chain Cava priced its initial public offering at $22 per share on Wednesday. That was higher than the previously stated range of $19 to $20 per share. The company sold 14.4 million shares, raising $318 million. The IPO pricing values Cava at $2.45 billion, with more than 111 million shares outstanding. The stock is expected to debut today and trade under the ticker symbol CAVA.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    Register now for next week’s free Q&A with pro trader Patrick Hawe on LinkedIn! DJIA Futures: -42 (-0.1%) SPX Futures: -14 (-0.3%) NASDAQ Futures: -77 (-0.5%) Good morning friends! Futures are lower as traders digest Wednesday\u2019s Fed decision and new economic data. Let\u2019s get right to it! Two More Rate Hikes The Federal Reserve skipped a rate hike as expected on Wednesday but surprised traders with a more hawkish summary of economic projections.\u00a0 The Federal Open Market Committee voted to keep rates unchanged at the current range of 5% to 5.25%. Chairman Jerome Powell said the bank would use the next six weeks to \u201ctake into account the cumulative tightening of monetary policy.\u201d The Fed\u2019s updated dot plot showed a terminal rate of 5.6% in 2023 which indicates two more 25bps rate hikes.\u00a0 CME Group\u2019s FedWatch Tool shows over 69% of traders betting on a rate hike at the July meeting May Retail Sales Beat Forecasts U.S. retail sales rose unexpectedly in May.\u00a0 The Commerce Department reported retail sales jumped 0.3% to $686.6 billion.\u00a0 That beat expectations for sales to fall 0.2%.\u00a0 Sales at car dealers rose 1.4% while sales at building material stores jumped 2.2%. Gas stations saw the largest decrease, with sales falling 2.6%. Retail sales excluding autos rose 0.1%, as expected.\u00a0 Weekly Jobless Claims Jump Weekly jobless claims rose unexpectedly last week.\u00a0 The Labor Department reported 262,000 Americans filed initial claims for unemployment benefits.\u00a0 That was up by 1,000 from the previous week and higher than 250,000 expected. Continuing claims also rose by 18,000 to 1.78 million in the week ending June 3. Mixed Manufacturing Data Two key manufacturing indexes show mixed activity across the country.\u00a0 The Empire State manufacturing index rose sharply this month to 6.6 from -13.8% in May.\u00a0 That beat economists\u2019 expectations for the index to fall to -15.\u00a0 But the Philly Fed Manufacturing index fell further to -13.8 from -10.4 in May.\u00a0 That was in line with estimates.\u00a0 In Case You Missed It Mediterranean restaurant chain Cava priced its initial public offering at $22 per share on Wednesday. That was higher than the previously stated range of $19 to $20 per share. The company sold 14.4 million shares, raising $318 million. The IPO pricing values Cava at $2.45 billion, with more than 111 million shares outstanding. The stock is expected to debut today and trade under the ticker symbol CAVA.<\/p>\n","protected":false},"author":41,"featured_media":68746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-68742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=68742"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68742\/revisions"}],"predecessor-version":[{"id":68747,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68742\/revisions\/68747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/68746"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=68742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=68742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=68742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}