Dow went up 36, advancers over decliners 4-3 & NAZ dipped 7.  The MLP index was even in the 281s & the REIT index slid lower in the 378s.  Junk bond funds were mixed & Treasuries hardly budged ahead of the news conference later today(more below).  Oil was off 1+ to the 81s after recent strength & gold inched up 1 to 2161.

AMJ (Alerian MLP Index tracking fund)

Weekly Mortgage demand drops as interest rates rise again

European Central Bank’s Lagarde signals June cut, says future rate path uncertain

Treasury yields were little changed as investors awaited the Federal Reserve's latest interest rate decision & guidance about monetary policy & the economy.  The 10-year Treasury yield was at 4.295% after dipping by less than 1 basis point & the 2-year Treasury yield was last down less than 1 basis point to 4.692%.  Yields & prices move in opposite directions & 1 basis point is equivalent to 0.01%.  The Federal Reserve’s latest interest rate decision later today following its policy meeting, with investors nearly unanimously expecting rates will be left unchanged.  The central bank is also due to announce its economic & interest rate projections for the rest of 2024 & beyond.  Investors are hoping to gain clarity on when interest rates may be cut.  The Fed has previously suggested that it sees 3 cuts taking place this year, but there is concern among some investors that it might be fewer.  Recent economic data indicating that inflation may be more persistent than hoped has added to uncertainty about the interest rate outlook, leading to less optimism about where rates will end the year.

Treasury yields are flat ahead of Fed rate decision, monetary policy guidance

Dow Jones Industrials