Rangebound… And Waiting
S&P futures are rangebound at mid-day as the market continues to await the outcome of today’s one-day Fed meeting. As we said in the Morning Meeting, we do not expect a move of any magnitude until after the Fed announcement, which the market widely expects will be a 25-basis point rate cut.
Earlier, S&Ps made a impressve move off the 911.50 low of the day, but since then has been chopping around in quiet activity.
Nasdaq futures are also quiet and rangebound after a brief rally in the Semiconductors moved this market off the lows.