Written Commentary
STOCK INDEX FUTURES
Stock index futures are higher.
Federal Reserve Chair Powell will speak on Friday. Traders will be scrutinizing his comments for clues on the central bank’s next policy steps.
The fundamentals are mostly bullish, while the technicals remain supportive to stock index futures.
CURRENCY FUTURES
The U.S. dollar index is higher.
Confidence in the euro zone economy improved in March. The euro zone sentiment indicator edged up to 96.3 in March from 95.5 in February, matching expectations.
Australian consumer price index inflation increased 3.4% year-on-year in February, which was slightly below expectations of 3.5% and remained steady from the prior month.
Bank of Japan Governor Ueda said he won’t rule out any options if economic and price developments worsen, including deploying tools that have already used.
INTEREST RATE MARKET FUTURES
The Treasury will auction seven-year notes today.
Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before an Economic Club of New York reception at 5:00 PM. Waller tends to be a little more hawkish than others at the Federal Reserve.
Financial futures markets are predicting there is a 9.0% probability that the Federal Open Market Committee will lower its fed funds rate by 25 basis points at the May 1 policy meeting, and there is a 91.0% chance that the Fed will keep rates unchanged.
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