As we await the results of the first of
two important central bank meetings there is yet more economic data,
both domestically and abroad, to chew on. The Federal Reserve will
conclude its two-day meeting with a policy decision at 2:15
pm EST today with many investors anticipating some form of economic
stimulus to get the U.S. economy back on track…or at least somewhere
closer to the track. Meanwhile, payroll firm ADP reported that the
private sector tagged on another 163,000 in July, better
than expected but nothing to write home about. U.S. government jobs
data, the more important figure, will be released on Friday.
Manufacturing and construction spending data will be released at 10:00
am and may or may not support the hopes of impending Fed
action. In the broader global economic picture, Chinese Government PMI
data showed the world’s #2 economy is expanding at a snail’s pace
falling from 50.2 to 50.1..just above the threshold of contraction. The
precious metals complex is under a bit of pressure
ahead of the Fed announcement with gold having just fallen below $1600
(down .75%) and platinum off more than 1.5%. Have a great day!
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