Daily digest market movers: Ahead of Fed

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  • The US is mulling to impose sanctions on chips and technology companies from China, Bloomberg reports. 
  • Ahead of the Fed, the Mortgage Bankers Association has released the weekly Applications Index at -1.6% . The previous number was an increase of 7.1%.
  • The Fed Rate Decision release is taking place at 18:00 GMT, which includes:
    • The Monetary Policy Statement 
    • The FOMC Economic Projections 
  • Near 18:30 GMT, US Fed Chairman Jerome Powell will speak to markets and deliver his statement followed by a Q&A with the press. 
  • Equities are in the red again despite the US closing bell saw all major indices closing off in the green after the eventful Tuesday. 
  • According to the CME Group’s FedWatch Tool, expectations for a Fed pause in today’s meeting are at 99%, while chances of a rate cut stand at 1%. For the next meeting on May 1, 92.4% see the rate unchanged, with 7.5% opting for a rate cut.. 
  • The benchmark 10-year US Treasury Note trades around 4.28%, a touch softer than Tuesday. 


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