Wednesday is Fed day, the first Federal Open Markets Committee (FOMC) meeting of 2024.  As is custom, the Fed will release a statement by the FOMC at 2:00pm, and then at 2:30 Chair Powell will have a press conference. Both the statement and the Chair’s carefully prepared comments are designed to set expectations on rates going forward.  While there has been much discussion on rate cuts this year, no Fed official has given any indication that a cut will happen at this meeting. However, Fed watchers hang on every word the Chair says at the post-meeting presser so expect market reaction as the Chair speaks. 

The next meeting of the FOMC will be March 19/20. 

The Border and Supplemental Spending 

Congress continues to look for a formula that will allow them to act on the Supplemental Spending Bill that has been proposed by the White House to send money to Ukraine and Israel. Money for both US allies appears to have the votes to pass if the legislation can make it to the floor of the House and Senate for a vote, but Republicans have to date insisted that the Supplemental also include strong measures to protect the Southern border. 

A Bipartisan group of Senators has been holding talks for weeks to find a compromise and there appears to be a growing view th...

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