The Fed said they would keep interest rates low beyond 2023 but the economy also needs fiscal help from Congress shifting focus back to stimulus talks where Democrats and Republicans are at an impasse.
Mitch McConnell’s Republican controlled Senate of the 116th Congress is on track to be the least productive Congress in history. McConnell’s desk is known as the legislative graveyard where only 158 laws have been enacted of almost 15K bills introduced since 2019.
According to Bloomberg, Oracle will get full access to TikTok’s source code to ensure that there are no back doors for the Chinese government to gather data on US users. President Trump is not happy with the terms and with Oracle only acquiring a minority stake in TikTok. Trump said he is not prepared to sign off on anything.
Snowflake’s (SNOW) started trading Wednesday @ $245, well above its $120 offering price. The stock touched $319 making the company the largest US IPO this year.
The economic calendar focus is Philly Fed and Claims @ 8:30am ET. Building Permits and Housing Starts are released @ 10:00am ET.
Volatility is decreasing but Globex price action is signaling a volatility increase.
Size bias is bearish into the US session open.