Here’s what to look for when the Federal Open Market Committee releases a statement and new economic forecasts at 2 p.m. tomorrow after a two-day meeting in Washington and Chairman Ben S. Bernanke holds a press conference at 2:30 p.m.:
Emerging-market stocks fell, led by Thai and Turkish shares, as concern grew that the Federal Reserve will signal reduction in stimulus. India’s rupee and Russia’s ruble paced losses among developing-nation currencies.
Treasury 10-year note yields were in the tightest range in more than a month amid speculation the Federal Reserve may indicate when it will begin slowing bond purchases at the end of its two-day policy meeting tomorrow.
The Canadian dollar declined for a third day versus its U.S. peer amid speculation the Federal Reserve may indicate when it will begin slowing monetary stimulus in the U.S., the nation’s largest trading partner.
U.S. stocks rose for a second day, pushing the Standard & Poor’s 500 Index to its highest in June, as investors awaited the outcome of a Federal Reserve policy meeting for clues to the central bank’s plan for stimulus.
Copper fell to the lowest in six weeks in New York as Federal Reserve policy makers begin a meeting that may indicate when the central bank will start curbing debt purchases intended to stoke the U.S. economy.
A gauge of U.S. corporate credit risk held at about the lowest in a week as investors await a Federal Reserve statement tomorrow for any clues that the central bank may pare unprecedented stimulus efforts.
The forint fell the most in more than a week on speculation that Hungary’s planned tax increases will hurt economic growth and as investors awaited a signal from the U.S. Federal Reserve about when it will taper stimulus.