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Fed delivers interest rate decision: Morning Brief

Wednesday, June 19, 2019

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WHAT TO WATCH

The Federal Open Market Committee (FOMC) will deliver its interest-rate decision, following a two-day meeting. After the committee’s announcement, Federal Reserve Chairman Jerome Powell will hold a press conference. Given the recent escalation of the U.S.-China trade war and slew of worrisome economic data, this month’s FOMC meeting will be even more closely watched than usual.

While consensus among economists is that there will be no rate cut following this month’s meeting, how Federal Reserve Chairman Jerome Powell illustrates the Fed’s views on the state of the economy and outlines the Fed’s future monetary path will be focal points among market watchers.

Meanwhile, tech giant Oracle (ORCL) will announce quarterly results after the market close. Analysts expect the company to report adjusted earnings of $1.07 per share on $10.94 billion of revenue.

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TOP NEWS

President Donald Trump speaks during his re-election kickoff rally at the Amway Center, Tuesday, June 18, 2019, in Orlando, Fla. (AP Photo/Evan Vucci)

Trump hints that Fed should match possible ECB rate cuts: Early on Tuesday the European Central Bank suggested that it could move soon to ease its monetary policy, and President Donald Trump is challenging the Federal Reserve to do the same. In a series of tweets Tuesday morning, Trump appeared to criticize the ECB for “unfairly” devaluing the euro against the U.S. dollar. A weaker euro makes it more expensive for Europeans to buy U.S. exports, hurting the administration’s efforts to reduce the trade deficit. [Yahoo Finance]

Also: Trump asked White House lawyers for options on removing Powell [Bloomberg]

Tumbling air fares and car prices see UK inflation hit 2% target: Falling air fares and car prices contributed to a modest fall in the rate of inflation in May, with the consumer price index hitting the Bank of England’s 2% target. By and large, analysts had predicted that the rate of inflation had fallen in May from 2.1% in April, with the month seeing only a small rise in fuel prices. [Yahoo Finance UK]

Exclusive: Labour looking at delaying Britain's 5G rollout over Huawei: Britain’s main opposition party Labour is leaning towards delaying the rollout of 5G due to security concerns over Huawei, sources tell Yahoo Finance UK. While Labour is currently holding off from developing an explicit policy on the matter, due to not benefitting from all the information the Conservative-led government holds, the party is believed to be prioritizing national security over short term financial benefit. [Yahoo Finance UK]

What to know about Slack’s direct listing: On Thursday, shares of the company will open for trading on the New York Stock Exchange (^DJI) under the ticker “WORK,” making it the latest in a parade of highly-valued tech companies to go public this year. But unlike the vast majority of its peers, Slack won’t be doing so by way of an initial public offering. [Yahoo Finance]

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