{"id":71097,"date":"2023-09-20T08:58:53","date_gmt":"2023-09-20T12:58:53","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=71097"},"modified":"2023-09-20T08:58:53","modified_gmt":"2023-09-20T12:58:53","slug":"coffee-with-greta-fed-countdown","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/09\/20\/coffee-with-greta-fed-countdown\/","title":{"rendered":"Coffee With Greta: Fed Countdown"},"content":{"rendered":"

Register now<\/a> for today's free trading Q&A with Derrick Oldensmith!<\/strong><\/p>\n

DJIA Futures: <\/b>+97 (+0.3%)<\/span><\/p>\n

SPX Futures: <\/b>+12 (+0.3%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+39 (+0.3%)<\/span><\/p>\n

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

Futures are up as traders await the Fed decision.<\/span><\/p>\n

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

Fed Day<\/span><\/h2>\n

Treasury yields are pulling back ahead of today\u2019s Fed decision.\u00a0<\/span><\/p>\n

The 2-year yield is down 3 basis points to 5.07% while the 10-year yield is down 2 basis points to 4.34%.<\/span><\/p>\n

The decline comes after the 10-year was trading at the highest levels seen since November 2007 on Tuesday.\u00a0<\/span><\/p>\n

The Fed will announce its interest rate decision at 2:00 p.m. ET.\u00a0<\/span><\/p>\n

The Central Bank is widely expected to keep rates unchanged but focus is on the messaging around that pause.\u00a0<\/span><\/p>\n

Traders are looking for more insight on the Fed\u2019s future plans for monetary policy with two more meetings left this year.\u00a0<\/span><\/p>\n

Many are hoping the bank is done hiking rates but officials have so far left the door open for more hikes if the data shows it necessary.<\/span><\/p>\n

Oil Prices Fall<\/span><\/h2>\n

Oil prices are pulling back ahead of today\u2019s Fed decision.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are down 1% to $90.30 bbl with Brent crude futures falling 1.1% to $93.35 bbl.<\/span><\/p>\n

The price drop comes despite a larger than expected drop in U.S. crude stockpiles last week.\u00a0<\/span><\/p>\n

The American Petroleum Institute reported U.S. inventories fell by 5.25 million barrels last week vs 2.2 million expected.\u00a0<\/span><\/p>\n

Analysts expect prices to continue rallying on supply concerns barring any major surprise from the Fed.<\/span><\/p>\n

General Mills Tops Fiscal Q1 Expectations<\/span><\/h2>\n

General Mills <\/b>(GIS) shares are up 0.9% ahead of the open after beating fiscal Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

Here\u2019s how the food company\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • Adjusted EPS: $1.09 vs $1.08 expected<\/span><\/li>\n
  • Revenue: $4.9 billion vs $4.88 billion expected<\/span><\/li>\n<\/ul>\n

    The CEO said, \u201cWe delivered growth on the top and bottom lines in the first quarter amid an evolving external environment characterized by moderating inflation, stabilizing supply chains, and a resilient but increasingly cautious consumer.\u201d<\/span><\/p>\n

    General Mills reaffirmed its fiscal 2024 guidance for adjusted operating profit and adjusted earnings growth of 4% to 6%.\u00a0<\/span><\/p>\n

    The company expects organic net sales to rise 3% to 4%.\u00a0<\/span><\/p>\n

    Mortgage Demand Jumps<\/span><\/h2>\n

    Mortgage demand increased last week amid a strange jump in refinance activity despite rates rising higher.\u00a0<\/span><\/p>\n

    The Mortgage Bankers Association reported refinance applications jumped 13% weekly but volume was still down 29% year over year.\u00a0<\/span><\/p>\n

    Purchase applications rose 2% weekly and were down 26% from a year ago.\u00a0<\/span><\/p>\n

    The average 30-year contract fixed rate increased to 7.31% from 7.27%.<\/span><\/p>\n

    In Case You Missed It<\/span><\/h2>\n
      \n
    • Instacart <\/b>(CART) shares rallied 12.3% in the company\u2019s stock market debut on Tuesday. The stock opened on the <\/span>Nasdaq <\/b>up 40% at $42 per share before closing at $33.70. Instacart priced the IPO late Monday at $30 per share, valuing the company at about $10 billion. As of Tuesday\u2019s close that market cap jumped to just over $11 billion. CART is down 4.5% ahead of the open.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      Register now for today’s free trading Q&A with Derrick Oldensmith! DJIA Futures: +97 (+0.3%) SPX Futures: +12 (+0.3%) NASDAQ Futures: +39 (+0.3%) Good morning friends! Futures are up as traders await the Fed decision. Let\u2019s get right to it! Fed Day Treasury yields are pulling back ahead of today\u2019s Fed decision.\u00a0 The 2-year yield is down 3 basis points to 5.07% while the 10-year yield is down 2 basis points to 4.34%. The decline comes after the 10-year was trading at the highest levels seen since November 2007 on Tuesday.\u00a0 The Fed will announce its interest rate decision at 2:00 p.m. ET.\u00a0 The Central Bank is widely expected to keep rates unchanged but focus is on the messaging around that pause.\u00a0 Traders are looking for more insight on the Fed\u2019s future plans for monetary policy with two more meetings left this year.\u00a0 Many are hoping the bank is done hiking rates but officials have so far left the door open for more hikes if the data shows it necessary. Oil Prices Fall Oil prices are pulling back ahead of today\u2019s Fed decision.\u00a0 West Texas Intermediate crude futures are down 1% to $90.30 bbl with Brent crude futures falling 1.1% to $93.35 bbl. The price drop comes despite a larger than expected drop in U.S. crude stockpiles last week.\u00a0 The American Petroleum Institute reported U.S. inventories fell by 5.25 million barrels last week vs 2.2 million expected.\u00a0 Analysts expect prices to continue rallying on supply concerns barring any major surprise from the Fed. General Mills Tops Fiscal Q1 Expectations General Mills (GIS) shares are up 0.9% ahead of the open after beating fiscal Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the food company\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.09 vs $1.08 expected Revenue: $4.9 billion vs $4.88 billion expected The CEO said, \u201cWe delivered growth on the top and bottom lines in the first quarter amid an evolving external environment characterized by moderating inflation, stabilizing supply chains, and a resilient but increasingly cautious consumer.\u201d General Mills reaffirmed its fiscal 2024 guidance for adjusted operating profit and adjusted earnings growth of 4% to 6%.\u00a0 The company expects organic net sales to rise 3% to 4%.\u00a0 Mortgage Demand Jumps Mortgage demand increased last week amid a strange jump in refinance activity despite rates rising higher.\u00a0 The Mortgage Bankers Association reported refinance applications jumped 13% weekly but volume was still down 29% year over year.\u00a0 Purchase applications rose 2% weekly and were down 26% from a year ago.\u00a0 The average 30-year contract fixed rate increased to 7.31% from 7.27%. In Case You Missed It Instacart (CART) shares rallied 12.3% in the company\u2019s stock market debut on Tuesday. The stock opened on the Nasdaq up 40% at $42 per share before closing at $33.70. Instacart priced the IPO late Monday at $30 per share, valuing the company at about $10 billion. As of Tuesday\u2019s close that market cap jumped to just over $11 billion. CART is down 4.5% ahead of the open.<\/p>\n","protected":false},"author":41,"featured_media":71102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-71097","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\/71097","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=71097"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71097\/revisions"}],"predecessor-version":[{"id":71103,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71097\/revisions\/71103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/71102"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=71097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=71097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=71097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}