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US Futures Are Trading Near The Morning Lows

US Futures are trading near the morning lows.  As expected, the Federal Reserve raised interest rates by 0.25% and upgraded the economic outlook.  When asked about dot plots and 3-4 hikes this years, Chairman Powell made it clear that dot plots are projections based on current information and are subject to change and the focus should be on the current action which was a move of 0.25%.  The 10 year Treasury rate rose yesterday on the news, but is retreating today as equities fall.  Weekly jobless claims rose 3k last week to 229k.  Later this morning the market will get flash PMI data from March.  European shares are significantly lower with technology shares underperforming.  Asian shares closed mixed with Japanese stocks outperforming.

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US Futures Are Slightly Lower On Fed Day

US futures are slightly lower on Fed Day.  At 2pm the FOMC policy decision will be released, followed by Jerome Powell’s first post-meeting press conference at 2:30pm.  Markets will likely be focusing on the dot plots for indications of 4 rate hikes this year instead of 3.  Later this morning, February existing home sales will be released followed by crude and gasoline inventories from last week.  European shares are lower with materials stocks leading the declines and utility stocks outperforming.  Asian shares failed to hold on to gains, closing mostly lower.

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US Futures Are Little Changed As The Two-Day Fed Meeting Begins

US Futures are little changed as the two-day Fed meeting begins.  With the Fed meeting announcement at 2 pm tomorrow, markets have already priced in a 0.25% rate hike, however, will be looking at the dot plot for projections on future rate hikes.  The market is currently pricing in three rate hikes for this year in March, June and September.  European shares are trading higher with financial stocks leading the gains and technology shares lagging.  Asian shares closed mixed, led lower by Japan’s Nikkei, logging the third straight day of losses.

 

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US Futures Are Lower To Start The Week

US Futures are lower to start the week.  This week is light on economic data, but does include the March FOMC policy decision at 2pm on Wednesday.  The markets are expecting the Fed raise rates by 0.25% at Wednesday’s meeting.  Technology shares are leading the losses in the pre-market as concerns rise over increased regulation over big tech names.  European shares are lower with technology shares leading the losses.  Increased speculation of the ECB talking rate hikes has also spooked the markets.  Asian shares closed mixed, with Japanese shares underperforming.

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MLP Ruling

In a surprise ruling, the Federal Energy Regulatory Commission overturned its long-standing policy to allow MLPs ability to recover a tax allowance in its rate base, which could lead to a reduction in tariffs and therefore distributable cash flow, which supports their high dividend payouts.  This primarily impacts natural gas interstate pipeline companies and it is estimated to reduce EBITDA by 1%-5% for those pipelines.  Our analysts are continuing to evaluate the impact of the ruling on the pipeline sector.  We would encourage you to contact United Asset if you have questions on this or any other matter.

 

 

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