U.S. Stock Futures Are Higher While Focus Will Be On Today's Fed Announcement
U.S. stock futures are higher: Today’s primary focus will be this afternoons’ Fed announcement for a consensus 50-bps hike. Investors will scrutinize Chairman Powell’s general tone to gauge the magnitude of hawkishness to the Fed’s tactical policy changes. Uncertainty surrounding the subsequent impact, such as an economic slowdown or outright recession, due to rate hikes and balance sheet runoff, is a primary market concern. The 10y is hovering close to 2.96% in morning trading and earnings season continues. The European Union proposed to ban Russian crude oil with a phase out over the next six months and refined fuels by the end of 2022. International energy prices are higher due to potentially reducing global crude supply. Global markets are lower.