The KUIK Morning Market Report for Wednesday, September 20:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Down
(2)
points
22,369
7:12 AM
S&P500
Down
0.0%
percent
2,506
(0.27)
Nasdaq Composite
Down
-0.1%
percent
6,456
(4.83)
30 Year Treasury
Unchanged
–
Basis Points
2.81
Annual Yield
The Federal Reserve is set to take a leap into the unknown this week by beginning to sell-off some of its $3.7 trillion of bonds and mortgage securities it amassed during the financial crisis. The Fed meets today and tommorw. It’s expected at the end of the meeting to announce it plans to shrink its massive balance sheet beginning in October. Fed Chairman Janet Yellen will hold a press conference afterwards to explain the decision.
Senate Republicans are working feverishly to revive plans to replace the Affordable Care Act ahead of a Sept. 30 deadline. The Washington Post says it’s not clear the bill being drafted by Sens. Lindsey Graham of South Carolina and Bill Cassidy of Louisiana would prompt House Republicans to fall in line if it passes the Senate. One obstacle may be House moderates, particularly from California and New York. Those states stand to lose tens of billions of dollars in federal health-care funding under the Graham-Cassidy framework.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
