ETFs Watch, Wait For US Federal Reserve’s Next Move
By Tom Lydon on October 29, 2008 | More Posts By Tom Lydon | Author's Website
Today (Wednesday) is the day of anticipated rate cuts by the Federal Reserve, and exchange traded funds (ETFs) seem to be holding their breath while they wait for the 2:15 p.m. ET announcement.
The markets expect the Fed to cut rates by 0.5% to 1%, but there’s thinking that a smaller or larger cut could be made, reports Tim Paradis for the Associated Press.
China and Norway did their part by making some global interest rate cuts. The Europe Central Bank and Britain are also expected to follow suit next week as concerns about a global recession spread, say Burton Frierson and Elizabeth Piper for Reuters. China’s rates went from 6.93% to 6.66%, while Norway cut its rates by 0.5% to 4.75%.
Japan will have a policy meeting on Friday to consider cutting rates, but for now, they’re watching the markets closely.
After yesterday’s big gain in the markets, another dose of good news followed with a report that U.S. factory orders rose by the largest amount in three months in September, reports Martin Crutsinger for the Associated Press. Economists had been expecting a decline after August’s 5.5% drop, but instead saw an increase of 0.8%.
On stronger markets, oil is on the move and rallying from a 17-month low, says Mark Williams for the Associated Press. Some oil traders suspect crude has hit a bottom. Mid-morning, it’s trading at $66.11 a barrel.
The Fed Knows Another Mortgage Mess Is In The Offing
The Advantages Of Global Sector ETFs
Why Agriculture And Food ETFs Make Sense In This Market
JP Morgan’s CEO In The Running To Succeed Tim Geithner As US Treasury Secretary?
US, UK, Japan, Italy: Which Of These Countries Will Default First?
Stocks Close Modestly Higher On Upbeat Economic Data - U.S. Commentary - 32 mins ago
Toronto Stocks Remain Higher As Commodities Rise - Canadian Commentary - 1 hr ago
Stocks Continue To See Modest Strength In Mid-Afternoon Trading - U.S. Commentary - 2 hrs ago
European Markets Rise On U.S. Data, Strong Miners - European Commentary - 3 hrs ago
Stocks Giving Back Some Ground But Remain Mostly Positive - U.S. Commentary - 4 hrs ago


