Written Commentary
STOCK INDEX FUTURES
U.S. stock index futures are higher as several Federal Reserve presidents hint at more stimulus.
The 2:00 central time May consumer credit report is expected to show an $18.3 billion decline.
Stock index futures continue to perform well for the news.
Also, the technical picture remains positive for stock index futures.
CURRENCY FUTURES
The U.S. dollar is higher, as interest rate differential expectations remain slightly bullish on balance for the greenback.
Japan’s June bank lending increased 6.5% on the year.
The Canadian dollar and the Australian dollar are lower in spite of higher crude oil prices.
INTEREST RATE MARKET FUTURES
Some flight to quality longs are being liquidated in light of higher stock index futures.
The yield on 10-year Treasury notes increased to 0.654% from 0.648% on Tuesday.
The Treasury will auction 10-year notes today.
Raphael Bostic of the Federal Reserve will speak at 11:15.
According to financial futures markets there is a 95.6% probability that the Federal Open Market Committee will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.
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