Bay Street Seen Opening On Cautious Note; BoC, Fed Policy Announcements In Focus
(RTTNews) - It's likely to be a cautious start on Bay Street Wednesday morning with the focus on monetary policy announcements from the Bank of Canada and the Federal Reserve.
BoC's rate announcement is due at 9:45 am ET, while the Fed is scheduled to announce its decision at 2 pm ET.
The Bank of Canada is seen holding rates, while the Fed is widely expected to lower interest rates by 25 basis points.
The focus will be on the final Summary of Economic Projections for 2025, which includes forecasts from Fed officials on economic growth, inflation, and interest rates for the coming years.
Fed Chair Jerome Powell's remarks to the press after the rate announcement will be watched closely for additional clues on the outlook for 2026.
The Canadian market settled modestly higher on Tuesday, thanks largely to gains in the materials sector.
The benchmark S&P/TSX Composite Index settled with a gain of 74.40 points or 0.24% at 31,244.37.
Asian stocks drifted lower on Wednesday as investors parsed mixed inflation data from China and awaited the U.S. Central Bank's interest rate decision later in the day.
European stocks are showing some weakness with investors making cautious moves ahead of Fed interest rate decision.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.20 or 0.36% at $58.45 a barrel.
Gold futures are down $11.50 or 0.27% at $4,224.70 an ounce, while Silver futures are gaining $0.810 or 1.27% at $61.650 an ounce.
European Stocks Close Weak; UK Market Bucks Trend
Canadian Market Edges Higher On Energy Boost
Bay Street Likely To Open Weak; Inflation Data In Focus
Asian Markets Weighed By AI Worries, Crude Oil Price Spike
FTSE Climbs Higher On Pharma, Energy Strength
CAC 40 Slides 0.65% On Oil Surge, Tech Selloff
German Stocks Retreat Amid Geopolitical Oil Tensions, AI Warnings
