After the last Fed meeting, interest rates were held at 5.25%, ending an unbroken series of rises that began in June 2004.
The markets are eagerly awaiting to see what was discussed during the meeting This was evident yesterday when comments by Chicago Fed Reserve President Michael Moskow caused the US markets to drop after a good rally.
Crude oil – after finding support at $70, oil bounced and started to rally strongly. However, last night oil prices edged lower after calls by Iran for talks to resolve it’s nuclear standoff calmed traders nerves.
Hurrcane Season – the markets are bracing themselves for another above average hurricane season. The hurricane season’s peak period started a wek ago and will run through October. It is feared another hurricane such as Katrina may hit causing more damage to the oil and gas production in the Gulf and hurting the economy. Katrina caused an estimated $81b in damage.
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