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Market Awaits Further Economic Projections from Fed; Oil Rebounds from Lows

Published March 15, 2017
  • The Federal Reserve is set to release its policy announcement on the Federal Funds Rate today at 2:00 PM EST
  • It is widely expected that the Fed will raise interest rates to a range of .75%-1% on the backs of strong US employment data and hawkish tones from the Fed; most attention, however, will be on the FOMC’s Economic Projections release and Janet Yellen’s press conference
  • Investors will be paying close attention to Yellen’s outlook and the Fed's projections for future changes in interest rates in 2017 and beyond
  • Analysts will look to gauge sentiment from the Fed on whether they will stay on course with three interest rate hikes for 2017 or if they will become more hawkish and propose an additional hike; USD could strengthen if the Fed’s economic projections show a more aggressive stance
  • US consumer inflation, retail sales and manufacturing data all showed relatively positive movements this morning; consumer prices in the US increased 2.7 percent year-on-year in February of 2017 in what was the highest inflation rate since March 2012
  • Oil prices have rebounded from the 4 month lows seen this week after industry data showed a surprise drop in US crude oil stock piles; oil could move again once US government data on oil stockpiles is released at 10:30 AM EST
  • Dutch election results will be released later tonight with an expectation that the anti-EU Freedom Party will not be able to secure power via a government coalition; markets are focusing on this election as a bellwether for the spread of populism in Europe ahead of French and German elections this year