Top Day Market News
We get crude inventories at 10:30 but the highlight of the day will be the conclusion of the two day Federal Reserve Open Market Committee meeting. The Fed will come out with its communiqué at two o’clock. Of course the wording will be parsed to glean the Feds intentions to the continuation of liquidity injections.
The situation in Cyprus remains in flux. The Cypriot Parliament has rejected the bank levies to repay their bailout. Germany has taken a more aggressive stance to try and engineer this situation. Consequently, overnight we saw a move away from flight to quality such as gold and bonds and a move back towards equities.