In this report, I cover the early market action from London on Tuesday, June 18th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I talk about the Federal Reserves difficult task to keep their credit bubble and stock market bubble going despite all the mixed signals we are getting in the economy and the markets. The FOMC meets today and tomorrow and the chairman, Jay Powell, will hold a press conference tomorrow afternoon and give the public the FOMC's economic projections or forecast.
In my opinion, this FOMC meeting could do a great deal of damage to the FOMC as it seems like the market is calling for an immediate rate cut even though the Fed will keep tightening in terms of its balance sheet until September.
My conclusion is that Jay Powel and his colleagues at the FOMC need to be very careful about what they announce tomorrow and that what they do about rates tomorrow might not be as important as what kind of answers Mr Powell gives at the press conference.
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