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Follow the yellow brick road…E-Mini S&P 500!
The Beige Book summary released today had shown that economic activity is on an upswing with retail and manufacturing expansion! It is a commonly used name for the Fed report called the Summary of Commentary on Current Economic Conditions by the Federal Reserve District. It is published just before the FOMC meeting on interest rates and may be viewed as a gauge to inform the members of changes in the economy since the last meeting. Even more importantly the ADP figures for Private Sector Jobs may be used to add or subtract the forecasts for Friday’s US Unemployment. Employers added 217,000 jobs in February above expectations. This is fairly positive and bodes for a better Non-Farm Payrolls Friday, but another concern is that the jobs may be temporary and not permanent! Even with the pleasing US Report, we still look to the turmoil in the Middle East for direction.
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