20 New York stocks fell as Treasury yields rose sharply ahead of the Fed’s two-day meeting.
The size of the Fed hike reflected in the interest rate futures market is 75 BP. If the Fed raises 75 BP again this time, it will achieve a ‘giant step’ three times in a row. The possibility that the Fed will raise the interest rate by 100 BP at this meeting is 18%, and many are of the opinion that the possibility of a ‘higher step’ should be kept open. a lot
Experts expect the base rate to be more than 4% by the end of this year. European stocks fell and October WTI futures traded at $83.95 a barrel, down 2.08% from the benchmark.
The non-ferrous metals market closed mixed. Copper prices fell, weighing on rising LME inventories and the prospect of a hawkish rate hike. LME copper stocks increased by more than 5,000 tonnes over the past few days to 107,150 tonnes. As concerns about copper availability in the market eased, the cash premium fell from $125/tonne to the $55/tonne level last week.
“The market is waiting for the Fed’s decision,” said Dan Smith, analyst at Amalgamated Metal Trading. China, the No. 1 consumer of non-ferrous metals, is playing a price support role by easing the COVID-19 regulations that have hit industrial activity.
Source: NH Nonghyup Futures
We assume no responsibility for the results of any investment activities undertaken based on the contents of this document.