Peter Cardillo
Peter Cardillo
1972 Harlem mosque incident describes the April 14, 1972 shooting of a New York City Police Departmentofficer at the Nation of Islam Mosque No. 7 in Harlem, Manhattan, New York City. The officer responded to a fake 9-1-1 call, was shot and died six days later. The incident sparked political and public outcry about mishandling of the incident by the NYPD and the administration of Mayor John V. Lindsay...
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People realize we have an employment number, and if it shows accelerating wage pressure, that would rekindle the fear that the Fed may have to raise (interest rates by half a percentage point),
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Core rate came in better than market expected, showing that inflation remains tame, ... Good news and the market should react positively, but the Fed will continue to raise rates. A good report.
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Basically, the market is fearful now that the Fed may need to be more aggressive in raising interest rates.
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Basically it's individual stocks outperforming the rest of the market. The feeling that the Fed is not going to raise is infiltrating the whole marketplace and what we're now looking at is future earnings, but we're still in that rotation mode.
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Basically it's individual stocks outperforming the rest of the market, ... The feeling that the Fed is not going to raise is infiltrating the whole marketplace and what we're now looking at is future earnings, but we're still in that rotation mode.
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If we get a strong number (Friday) it could rekindle fears of another Fed tightening and that will keep investors on the defensive.
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Obviously the Dow is being helped by the strength in Philip Morris, along with Microsoft and Intel. It's an 'old economy'-'new economy' rally. But volume is not all that great, so obviously the market will continue to guess what the Fed will or will not do.
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No one expects the Fed to raise rates, but people are interested to see what they say about the economy, particularly about employment.
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Now you have the Bank of Japan, the European Central Bank and the Federal Reserve all with the same interest-rate policy, and that's very positive. It's a strong indication that global central bankers will contain inflation and not necessarily choke off economic activity, which has been a big concern here.
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What the market really needs here is stimulant not from the Federal Reserve, but from the CEOs.
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The good news is that we have a strong economy and there's no inflation, ... Investors are starting to realize the Fed may not need to be that aggressive.
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Obviously they (investors) are going to focus on the Fed but a rate cut is priced in. The focus will be on the economy and signs that the first batch of interest rates are finally taking hold.
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It's quite obvious that the market has been rallying for the past four days, hoping for a 50-basis point rate hike by the Fed -- and they (the Fed) did (raise rates that much). This indicates they are ahead of the curve, but now reality sets in and we're in a trading range.
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It's Fed watch day, so we're experiencing a bit of anxiety before the announcement. Of course, any indication that the Fed will end its tightening cycle could propel the stocks higher this afternoon. Hopefully we'll see an indication of some type of pause.