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Stocks Rise on Expectations of Fed’s Rate Pause

Investing.com – Published Sep 12, 2023 05:50

Stocks were rising on Monday, driven by tech stocks, as investors anticipated that the Federal Reserve would refrain from increasing interest rates at its upcoming meeting.

Market participants have been optimistic that the Fed is nearing the end of its rate tightening cycle, after a series of rate hikes that brought rates from zero to above 5% since early 2022. Though Fed officials have hinted at a potential pause in September, they have emphasized that this does not necessarily eliminate the possibility of further rate hikes. The final decision will depend on the data, according to their statements.

Recent data has indicated a slowdown in inflationary pressures and labor market tightness. More data releases this week, such as the consumer price index on Wednesday and the producer price index on Thursday, could reinforce this trend.

Looking ahead, futures markets indicate a high 40-percentage possibility of a rate increase in November, with expectations for a rate pause currently slightly above 50%.

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Three Factors That Could Impact Tomorrow’s Markets

1. Apple Event

Apple Inc (NASDAQ:AAPL) is set to host a live event, where it is widely anticipated to unveil its new iPhone 15s. Market watchers are particularly interested in the new features and pricing details, especially for the Pro models. Additionally, updates regarding Apple Watches are also expected.

2. Small Business Optimism

The release of the National Federation of Independent Business (NFIB) small business optimism reading for August is scheduled for 6:00 ET. Analysts are forecasting a reading of 91.6, slightly lower than the previous reading of 91.9.

3. Congress Returns

Lawmakers have returned to Capitol Hill after their summer break, facing a pressing deadline to fund the federal government beyond October 1st. While the possibility of a government shutdown looms, efforts are underway to pass a temporary funding measure until a full-year spending bill can be approved. Furthermore, on Wednesday, Senator Majority Leader Chuck Schumer will host the first of his meetings focused on artificial intelligence, featuring CEOs from various tech companies.

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Written By: Investing.com

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