It appears that markets are waiting on the Fed for Wednesdays announcement of the rate hike–or more likely they are waiting on the Fed Statement and Jay Powell’s press conference.
Interest rates are up 4 basis points today–that’s fine after the tumble in rates last week–we can deal with 0-5 basis point moves.
The Chicago PMI reading today came in a bit softer than expectations today–indicating a little bit more contraction in the manufacturing sector. Economic indicators are now almost uniformly soft–but not exactly super softer. These numbers feed into the Fed ‘needing more data’.
Today I bought more of the Priority Income Fund 6.625% term preferred (PRIF-F)–I already owned it and just added to my current position. That’s it for today (and probably tomorrow). Like everyone I am waiting on Wednesdays rate hike and press conference.