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FOMC Statement This Afternoon


Stock index futures are lower.

The main events today are the release of the Federal Open Market Committee’s statement at 1:00 central time and Fed Chair Powell’s press conference at 1:30.

The Federal Reserve is likely to hold interest rates steady at a 22-year high of 5.25-5.50% for a second meeting, while leaving open the possibility of another increase as soon as December.

The Automated Data Processing, Inc. employment report for October showed a 113,000 increase     when up 145,000 was expected.

The 8:45 central time October U.S. manufacturing PMI is anticipated to be 50.

There are three 9:00 central time reports. The October Institute for Supply Management manufacturing index is predicted to be 49. The September construction spending report is estimated to show an increase of 0.4% and the September job openings and labor turnover survey (JOLTS) is expected to be 9.375 million.

Gains are likely to be limited by the uncertainties of the situation in the Mideast


The U.S. dollar is higher as a result of mostly weaker economic reports out of Europe.

The Nationwide House Price Index in the U.K. dropped by 3.3% year-on-year in October 2023, compared with predictions of a 4.8% decrease and September’s 5.3% decline.

The Bank of England will hold its policy meeting on Thursday and is expected to leave interest rates unchanged.

A Swiss PMI fell to 40.6 in October 2023, which is down from September’s 44.9 and well below the market expectation of 45.0.

The Japanese yen advanced when Japan’s top currency diplomat warned of potential intervention to support the yen.


Treasury supply remains an overhanging bearish influence.

Financial futures markets are now predicting there is almost a 100% probability that the Federal Open Market Committee will keep its fed funds rate unchanged at its policy meeting today.


Interested in more futures markets?  Explore our Market Dashboards here.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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