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FOMC Minutes Today

STOCK INDEX FUTURES

The International Monetary Fund expects the world economy will grow 6.0% this year, which is the most since 1980, when it started tracking data on a comparable group of countries. This is an upgrade from a projection of 5.5% growth the IMF made in January.

Mortgage applications in the week ended April 2 fell 5.1%, which is the fifth consecutive decline. Applications to purchase a home were down 4.6% and home refinancing dropped 5.3%.

The 2:00 central time February consumer credit report is expected to show an increase of $5.0 billion.

Stock index futures continue to perform well for the news.

CURRENCY FUTURES

The euro currency is a little higher after the release of the IHS Markit euro zone services PMI , which was revised higher to 49.6 in March 2021, from a preliminary estimate of 48.8. However, incoming new business fell for an eighth consecutive period, with foreign sales falling for a 31st  month.

Household spending in Japan fell for the third straight month in February, while a services PMI marked its highest reading since January 2020.

INTEREST RATE MARKET FUTURES

The June 30-year Treasury bond futures remain above a two-month downtrend line and are showing signs of stabilizing by not making news lows when there is bearish news.

At 1:00 the Federal Reserve will release the minutes from its March 17 policy meeting.

The Federal Open Market Committee issues minutes of its meetings with a three week lag after the meeting.

Federal Reserve Bank of Dallas President Robert Kaplan said it is not time for the central bank to pull back on its support for the economy.

Federal Reserve speakers today are Charles Evans at 8:00, Robert Kaplan at 10:00, Thomas Barkin at 11:00 and Mary Daly at 1:00.

In my minority view, I am seeing indications that global economic growth may not be as strong as many analysts are predicting.

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