Wednesday, July 26–Jim Wyckoff’s Morning Markets Report
World stock markets were mostly firmer in subdued trading overnight, as the marketplace awaits today’s FOMC meeting conclusion. U.S. stock indexes are slightly higher just ahead of the New York day session.
Gold prices are moderately lower today on more profit-taking from the shorter-term futures traders, after recent price gains.
Traders and investors are awaiting the conclusion of the Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning and ends early this afternoon with a statement. No changes in U.S. monetary policy are expected. However, the Fed could indicate the timing of reducing its big balance sheet of U.S. securities. The tone of the FOMC statement will also be important for markets. Just recently Federal Reserve Chair Janet Yellen has sounded a more dovish tone on U.S. monetary policy.