Fed Interest-Rate Decision

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Thank you WSJ

Stock Futures Edge Up Ahead of Fed Interest-Rate Decision

By

Caitlin McCabe

Stock futures rose alongside government bond prices Wednesday, ahead of a Federal Reserve meeting at which policy makers are expected to approve a 10th straight rate increase. In recent market action:

Futures signaled a slight recovery, after indexes dropped Tuesday on concerns about how banking stress will affect the broader economy. Futures tied to the S&P 500 and Dow industrials gained 0.1%, while Nasdaq-100 futures added 0.2%.

U.S. government bonds rallied further. The benchmark 10-year U.S. Treasury yield fell to 3.399%, from 3.438% Tuesday. The 2-year yield fell to 3.932%. Yields fall when bond prices rise.

Derivatives markets are priced for a pivot. Fed-funds futures imply the Fed will raise rates Wednesday by a quarter-point to between 5% and 5.25%. Bets are building that officials will begin cutting rates in the months ahead as the U.S. economy weakens.

Regional bank stocks extended their declines, following the seizure of First Republic Bank. PacWest Bancorp slid 10% premarket, while Western Alliance Bancorp fell 7.8%.

The WSJ Dollar Index fell, losing 0.3%, while most-active gold futures ticked higher, rising 0.1% to $2,024.80 a troy ounce.

Oil prices fell. Brent crude futures, the international benchmark for oil prices, slid 1.6% to $74.13 a barrel.

Global indexes were mixed. Hong Kong’s Hang Seng fell 1.2%, while South Korea’s Kospi fell 0.9%. The Stoxx Europe 600 gained 0.4%.

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