The Daily Chase: Awaiting U.S. Fed rate decision; Pot sector blues
BNN Bloomberg
Everyone knows today’s top story. The question is how hawkish the U.S. Federal Reserve will be in its actions (ie, the possibility of a full-point hike), its words, and its dots — which will illustrate expectations for the policy rate over the next couple of years.
We’ll set the scene with the likes of BMO Global Asset Management Head of Fixed Income and Money Markets Earl Davis at 9:05 a.m. EDT, Ex-Fed Governor Larry Meyer at 10:00 a.m. EDT, and Pimco Portfolio Manager Vinayak Seshasayee. After the announcement at 2:00 p.m. EDT, we’ll hear from ex-Fed Vice-Chairman Richard Clarida and we’ll get insight into the ramifications for the Canadian dollar — which has been at the USD’s mercy — when TD Securities Head of Global FX Strategy Mark McCormick joins us at 3:30 p.m. EDT.
MARKET WATCH
U.S. futures are predictably tame ahead of the Fed. It’s a different story in the commodities market, where the price of Brent and West Texas Intermediate crude jumped more than three per cent this morning after Russia’s minister said up to 300,000 additional troops are being mobilized for the war in Ukraine, while Russian President Vladimir Putin made a veiled threat about the use of nuclear weapons.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.
Top Picks from Martin Cobb, Senior Vice-President, Equities, Lorne Steinberg Wealth Management
The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
