The dollar is down a small amount. Oil is up; copper is down. Gold and silver are down. Bonds are up.
There’s an FOMC meeting and statement today. Despite much of the market flirting with all-time highs, I’d be shocked if they raised. They have already raised twice, and it’s my belief Wall Street would claim they’re moving too fast if they raised again. Assuming they take a meeting off, their statement will still be important. Wall Street is open to higher rates, but they don’t want higher rates too quickly. A couple raises a year for the next couple years would be good with them. Any quicker might cause some stress and anxiety. So if the Fed is someone dovish – they’re taking a wait and see attitude and want to see how geopolitical events unfold – Wall Street should take the news in stride. But if the Fed hints at a need to move quickly because inflation is moving up too quickly, Wall Street is likely to react negatively.