U.S. stocks opened lower on Wednesday as investors await for Fed minutes due out later in the day from the U.S Federal Reserve.
The Fed minutes are from the Federal Reserve’s monetary policy meeting in mid June when Committee members at the Fed decided to raise interest rates with the Federal funds by 25 basis points for the 2nd time in 2017.
Median projections from Fed Committee members based on the Fed’s plot chart indicates that one more rate hike is likely to occur in 2017.
Crude oil is under pressure on Wednesday with WTI (Nymex) August futures down -1.02 (-2.12 percent) to 46.10 a barrel.
A Bloomberg article today states that Russia is opposed to any proposal to deepen OPEC led production cuts.
President Trump is traveling to Poland today as he prepares to participate in a 2 day G-20 meeting beginning on Friday with world leaders in Hamburg, Germany.
Yesterday, North Korea claimed to have successfully tested an intercontinental ballistic missile.
Pentagon spokesperson Dana W. White responded to North Korea’s missile test with a released statement:
“We are monitoring and continuing to assess the situation in close coordination with our regional allies and partners. The launch continues to demonstrate that North Korea poses a threat to the United States and our allies.”
“Together with South Korea, we conducted a combined exercise to show our precision fire capability” White said.
“We remain prepared to defend ourselves and our allies and to use the full range of capabilities at our disposal against the growing threat from North Korea. The United States seeks only the peaceful denuclearization of the Korean Peninsula” White added.
“Our commitment to the defense of our allies, the Republic of Korea and Japan, in the face of these threats, remains ironclad” White said.
Today President Trump tweeted out a statement about trade increasing in the first quarter between China and North Korea and suggested that China is not working with the United States.
“Trade between China and North Korea grew almost 40% in the first quarter. So much for China working with us – but we had to give it a try!” Trump tweeted.
Trade between China and North Korea grew almost 40% in the first quarter. So much for China working with us – but we had to give it a try!
— Donald J. Trump (@realDonaldTrump) July 5, 2017
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