AMJ (Alerian MLP Index tracking fund)
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Fed hikes rates by a quarter percentage point, indicates increases are near an end
“Is this about winning? 100%.” The stock fell 24¢.
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Ford is about to break out big EV losses for the first time
Chinese Pres Xi Jinping left Moscow after a 3-day visit to the Russian capital that seemed to produced mixed results for the tentative allies. China's leader & his Russian counterpart Vladimir Putin reaffirmed areas of strategic cooperation & plans to extend economic ties & increase trade up to 2030. They also both criticized the US for undermining global strategic stability. But there was little in terms of substance from the meeting & official statements from both sides, made after talks concluded yesterday, disclosed few details about the implementation of economic agreements. Fred Kempe, the chief exec of the Atlantic Council, said that China was exploiting Russia's desperation for an alliance, saying the summit could be summed up as being “Putin’s desperation meeting Xi’s opportunism.” In other news, both Ukrainian & Russian officials said separately that Kyiv & Zaporizhzhia, & Sevastopol in Russian-occupied Crimea, had been targeted by drone & missile attacks today. Japan's prime minister pledged to provide Poland with development support to help the European country assist neighboring Ukraine as it defends itself from Russia's invasion. Polish Polish Prime Minister Mateusz Morawiecki hosted Japanese Prime Minister Fumio Kishida in Warsaw a day after Kishida made a surprise visit to Kyiv & met with Ukrainian Pres Volodymyr Zelenskyy. “Bearing in mind the increasing burden on Poland due to the prolonged invasion of Ukraine,” Kishida said Japan would offer Poland assistance to support its role & is looking to “vigorously build up” projects.
Ukraine hit with deadly strikes after China’s Xi leaves Moscow; Zelenskyy visits frontline city Bakhmut
Gold prices ticked higher after suffering the biggest pullback for a most-active futures contract in 6 weeks during the prior session. Gold futures for Apr increased $2 to settle at $1943 per ounce. Gold prices are likely to move once the Fed announces its decision on interest rates, along with releasing its latest batch of economic projections. Chair Jerome Powell will also deliver a statement before answering questions from the press.
Gold Prices Inch Higher Ahead of Fed Decision
Oil prices settled with a gain, shortly after the Federal Reserve announced its decision to boost its benchmark fed funds rate by a qtr of one percentage point. Oil prices & equities rallied in the minutes following the Fed announcement, as the central bank's language around future rate hikes softened, which supports the outlook for risk assets. May West Texas Intermediate crude rose $1.23 (1.8%) to settle at $70.90 a barrel.
Oil futures end higher as Fed ‘softens’ language around future rate hikes rates
On balance, investors remain nervous following the Fed meeting. The rate hike was well advertised. But previously Powell said the fight against inflation would mean pain. He was right & investors are feeling that now. The Dow remains not far from its 5 month low (see below) & safe haven gold is near recent highs!Dow Jones Industrials
