Good morning contrarians! It is Wednesday, June 14. Happy Fed Day.
This is the Daily Contrarian, our morning look at the upcoming known events likely to move markets in the day ahead. To get caught up on what yesterday’s action you can view this quick (53 second) video hosted by our AI bot.
State of Play
As of 0615 all is pretty quiet ahead of the Fed:
Stock index futures are effectively unchanged, with no major US index moving more than 0.3% from the break-even point;
Commodities are continuing to recover ground, with WTI crude oil up 1% to trade north of $70/barrel again. Copper is flat;
Bonds are seeing a few bids, with the yield on the 2-year down 4 basis points to 4.66% and the 10-year down 3bps to 3.81% (yields move inversely to prices).
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