Stocks put their best foot forward ahead of the FOMC
If investors are worried about the Fed's expected rate hike, they're not really showing it, says Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.
Tech leads the way higher
It has been a solidly risk-on day in stock markets, which looks rather odd given all the angst around tonight's Fed decision. Perhaps it will be yet another run of 'sell the rumour, buy the fact', though any longer-term bounce depends on how the Fed frames tonight's move. Warsh's reluctance to move is a given, so perhaps the committee will give him the space to hold off after tonight's expected hike.
Oil prices reverse course on pipeline news
Indications that the East-West pipeline will be out of action for weeks appear to have been wide of the mark. The damage appears confined to pumping stations, which allows the pipeline to continue functioning, albeit at a lower rate. Given the looming energy crisis around the world, markets appear to be happy with that outcome - some oil is much better than none at all.
Author
Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.
