Wall Street Breakfast August 17: Markets to Search FOMC Minutes for More Clues on Tightening Pace

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 17 August 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Markets to search FOMC minutes for more clues on tightening pace. Federal Reserve rolls out new guidelines for crypto-focused banks. July's credit card metrics signal consumers in good shape, but trends normalize. Elon Musk jokes on Twitter about buying Manchester United (shares still rise). Catch today’s WSB article here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.3	Good morning. Today is Wednesday, August 17th,
0:14.0	and I'm your host Julie Morgan.
0:15.9	Our top stories, credit cards and crypto,
0:19.1	and later Apple, Indo International, Manchester United, Hearing Aids and Phillips.
0:25.0	Stocks finished Tuesday's trading with a mixed performance.
0:29.0	The NASDAQ dipped while the Dow and S&P 500 added to their recent gains.
0:33.5	Six of the 11 S&P 500 sectors ended with gains,
0:37.2	consumer discretionary and consumer staples
0:40.0	were the best performing segments,
0:41.8	both rising more than 1%.
0:44.0	Infotech and Communication Services
0:46.2	posted fractional declines.
0:48.1	Rates ended higher.
0:49.4	The 10-year Treasury yield edged up two basis points
0:52.3	to 2.81%, and the two-year yield rose
0:55.2	seven basis points to 3.27%. On an economic front housing starts fell 9.6% in
1:02.2	July to 1.44 million lower than the anticipated 1.54
1:07.3	million July building permits gained 1.67 million versus the expected 1.65 million.
1:14.4	Fed Funds futures still lean to a 50 basis point rate hike next month.
1:19.1	This could change. Why? Because today is the day that investors get a more detailed view of what was discussed at the Fed's July 26 and 27th meeting.
	...

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