Fed Ahead: Choppy Trading Possible Going Into Powell Press Conference Tomorrow

Fed Ahead: Choppy Trading Possible Going Into Powell Press Conference Tomorrow

If things get choppy today, you can probably blame the Fed. Their meeting gets underway soon and we could have a bit of turbulence between now and tomorrow afternoon when Fed Chairman Jerome Powell addresses the media. Everyone is waiting pretty much on the edge of their seats to hear what, if anything, Powell might have to say about inflation. More on that below. Volatility barely changed this morning, and major indices registered mixed overnight performances. Things are on a bit of a roll, however, with the S&P 500 Index (SPX) closing higher the last five sessions. Earlier this year we had a "six-peat," so we'll see today if that gets matched. We have a lot of momentum now and we'll see if it continues. Crude has had an upward streak of its own this year, but yesterday and today some pressure developed. Prices fell below $65 a barrel this morning as stockpiles rose and demand worries grew following a virus surge in parts of Europe. Tomorrow's U. S. supply data could be interesting after a couple weeks of huge spikes driven partly by refinery outages following the freeze in Texas last month. That same February freeze might have iced