On the SPOT blog (10/31/2022) [B..]
Beautiful October has ended on a red day but did manage to break the losing streak for all three major US indices. Until mid-week, traders might play a "waiting game" as FOMC meeting kicks off tomorrow and we will have the interest rate decision and Chairman's commentary on Wednesday. Inflation fight is expected to be long and as long as the Russia-Ukraine war continues, it is hard to get optimistic about inflation control. Tensions escalated there and Russia walked away from grain agreement that might increase prices of certain grains (e.g. wheat). I think >=0.75% rate hike on Wednesday is assumed. Investors will be looking for language around future rate hikes.
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