Bernanke On Capitol Hill, Treasury Auction, Inventories, Beige Book
Global markets were mixed overnight but domestic stock futures are higher as investors wait for the latest economic assessment from Federal Reserve chairman Ben Bernanke.</p
Ninety minutes before the opening bell, Dow futures are up 51 points to 9,965 and S&P 500 futures are 7.50 points higher at 1,066.75. The 2-year Treasury note is 2 basis points higher in yield at 0.766% while the benchmark 10-year note yield up 3.1 basis points to 3.222%.
WTI crude oil is up $0.82 to $71.81 per barrel, but Spot Gold is down $0.48 to $1,236.07.</p
China’s Shanghai index closed up 2.78%, but Japan’s Nikkei fell 1.04%. In Europe, stocks are mostly higher with London’s FTSE 100 up 0.28%, the CAC up 0.86%, and the DAX +0.90%
Last night, Kansas City Fed President Thomas Hoenig said the central bank should raise interest rates to 1.00% from their current range of 0.0% to 0.25% by the end of September. He said the economy is undergoing a modest, sustained recovery with “some stabilization” in the troubled domestic real estate sector.</p
Meanwhile, the IMF warned that risks to the global economy have “risen significantly.” It said: “a key concern is that the room for continued policy support has become much more limited and has, in some cases, been exhausted.”</p
Key Events Today:</p
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