{"id":72824,"date":"2023-12-13T09:04:11","date_gmt":"2023-12-13T14:04:11","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=72824"},"modified":"2023-12-13T09:04:11","modified_gmt":"2023-12-13T14:04:11","slug":"coffee-with-greta-2023-fed-finale","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/12\/13\/coffee-with-greta-2023-fed-finale\/","title":{"rendered":"Coffee With Greta: 2023 Fed Finale"},"content":{"rendered":"

Register now<\/strong><\/a> for today's free pro trader Q&A on LinkedIn with Scott Redler!<\/p>\n

DJIA Futures: <\/b>+70 (+0.2%)<\/span><\/p>\n

SPX Futures: <\/b>+10 (+0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+47 (+0.3%)<\/span><\/p>\n

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

Futures are higher as traders await today\u2019s Fed decision.<\/span><\/p>\n

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

November Wholesale Prices Unchanged<\/span><\/h2>\n

Wholesale prices were lower than expected in November in another sign of easing inflation.\u00a0<\/span><\/p>\n

The Bureau of Labor Statistics\u2019 producer price index was unchanged on a monthly basis and up 0.9% year over year.\u00a0<\/span><\/p>\n

That was better than economists\u2019 expectations for a 0.1% monthly increase and 1% annually.\u00a0<\/span><\/p>\n

The core PPI was also unchanged on a monthly basis and up 2% annually vs 0.2% monthly and 2.2% annually expected.\u00a0<\/span><\/p>\n

That was the slowest core reading since February 2021.\u00a0<\/span><\/p>\n

Producer prices are a leading indicator for consumer prices.<\/span><\/p>\n

Yields Dip Ahead Of Fed Decision<\/span><\/h2>\n

Treasury yields are pulling back ahead of the Federal Open Market Committee\u2019s interest rate decision at 2:00 p.m. ET today.\u00a0<\/span><\/p>\n

The 10-year yield is down 4 basis points at 4.17% while the 2-year yield is down 4 basis points at 4.70%.\u00a0<\/span><\/p>\n

CME Group\u2019s FedWatch Tool shows 98.2% of traders anticipating no rate hike today.\u00a0<\/span><\/p>\n

Focus will be on the language in the FOMC statement and Chairman Powell\u2019s press conference about the future of monetary policy.\u00a0<\/span><\/p>\n

Fed officials have given no hints about rate cuts starting any earlier than mid-2024.\u00a0<\/span><\/p>\n

But the market has started pricing in a 25 basis point cut as early as the March meeting.\u00a0<\/span><\/p>\n

Tesla Issues Massive Recall<\/span><\/h2>\n

Tesla <\/b>(TSLA) shares are down 0.9% ahead of the open after issuing a recall for nearly all of its vehicles sold in the U.S.\u00a0<\/span><\/p>\n

The recall covers nearly 2 million vehicles to fix a defective system that ensures drivers are paying attention while using Autopilot.\u00a0<\/span><\/p>\n

Tesla will send out a software update to fix the problems on models Y, S, 3, and X produced between October 5, 2012 and December 7, 2023.\u00a0<\/span><\/p>\n

The recall comes in response to the National Highway Traffic Safety Administration\u2019s two-year investigation into crashes that happened while Autopilot was in use.<\/span><\/p>\n

Mortgage Demand Jumps Again As Rates Drop<\/span><\/h2>\n

Mortgage demand continued to rise last week as rates fell.\u00a0<\/span><\/p>\n

The Mortgage Bankers Association reported purchase applications rose 4% weekly and were down 18% year over year.\u00a0<\/span><\/p>\n

Refinance applications jumped 19% weekly and 27% compared to a year ago.\u00a0<\/span><\/p>\n

That surge in refinance activity came as the average 30-year fixed contract rate fell to 7.07% from 7.17%.\u00a0<\/span><\/p>\n

That was the lowest level since July.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Register now for today’s free pro trader Q&A on LinkedIn with Scott Redler! DJIA Futures: +70 (+0.2%) SPX Futures: +10 (+0.2%) NASDAQ Futures: +47 (+0.3%) Good morning friends! Futures are higher as traders await today\u2019s Fed decision. Let\u2019s get right to it! November Wholesale Prices Unchanged Wholesale prices were lower than expected in November in another sign of easing inflation.\u00a0 The Bureau of Labor Statistics\u2019 producer price index was unchanged on a monthly basis and up 0.9% year over year.\u00a0 That was better than economists\u2019 expectations for a 0.1% monthly increase and 1% annually.\u00a0 The core PPI was also unchanged on a monthly basis and up 2% annually vs 0.2% monthly and 2.2% annually expected.\u00a0 That was the slowest core reading since February 2021.\u00a0 Producer prices are a leading indicator for consumer prices. Yields Dip Ahead Of Fed Decision Treasury yields are pulling back ahead of the Federal Open Market Committee\u2019s interest rate decision at 2:00 p.m. ET today.\u00a0 The 10-year yield is down 4 basis points at 4.17% while the 2-year yield is down 4 basis points at 4.70%.\u00a0 CME Group\u2019s FedWatch Tool shows 98.2% of traders anticipating no rate hike today.\u00a0 Focus will be on the language in the FOMC statement and Chairman Powell\u2019s press conference about the future of monetary policy.\u00a0 Fed officials have given no hints about rate cuts starting any earlier than mid-2024.\u00a0 But the market has started pricing in a 25 basis point cut as early as the March meeting.\u00a0 Tesla Issues Massive Recall Tesla (TSLA) shares are down 0.9% ahead of the open after issuing a recall for nearly all of its vehicles sold in the U.S.\u00a0 The recall covers nearly 2 million vehicles to fix a defective system that ensures drivers are paying attention while using Autopilot.\u00a0 Tesla will send out a software update to fix the problems on models Y, S, 3, and X produced between October 5, 2012 and December 7, 2023.\u00a0 The recall comes in response to the National Highway Traffic Safety Administration\u2019s two-year investigation into crashes that happened while Autopilot was in use. Mortgage Demand Jumps Again As Rates Drop Mortgage demand continued to rise last week as rates fell.\u00a0 The Mortgage Bankers Association reported purchase applications rose 4% weekly and were down 18% year over year.\u00a0 Refinance applications jumped 19% weekly and 27% compared to a year ago.\u00a0 That surge in refinance activity came as the average 30-year fixed contract rate fell to 7.07% from 7.17%.\u00a0 That was the lowest level since July.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":72828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-72824","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\/72824","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=72824"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72824\/revisions"}],"predecessor-version":[{"id":72830,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/72824\/revisions\/72830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/72828"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=72824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=72824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=72824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}