Ahead of Wednesday’s decision, key stats include ISM Manufacturing PMI, JOLTs job openings, and ADP nonfarm employment change figures. Following the mixed stats from the week prior, we can expect sensitivity to the numbers.
Today, US economic indicators include ISM Manufacturing PMI and JOLTs job openings.
For both reports, the markets will look beyond the headline numbers. From the ISM survey, new orders, cost pressures, and employment will likely be focal points, with quit rates an area of interest from the JOLTs report.
While the markets have baked in a 75-basis point November hike, uncertainty lingers over the December move.
Going into the Tuesday session, the FedWatch Tool had the probability of November and December rate hikes at 89.2% and 47.1%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 54.9%.
Crypto market sensitivity to US economic indicators and the FED leaves the correlation with the NASDAQ 100 in place near term. This morning, the NASDAQ 100 Mini was up 26.25 points. On Monday, the NASDAQ Composite Index fell by 1.03%.
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