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All eyes will be on the FOMC meeting today at 7.15pm this evening GMT. With the rate already at 0-0.25% the focus will not be on whether they will or won’t cut (no change is expected) but the wording of any statement releases. It is likely that the focus will shift to the quantitive easing [...] Data from the British Retails Consortium, out last night, showed no signs of a slow down in UK consumer spending. Healthy growth in March gives further support to those pushing for a rates rise as early as May. Retail sales growth was up from 5.6 per cent last month to 6.2 per cent for March [...] Ben Bernanke challenged market expectations of early US interest rate cuts on Wednesday, saying he remained comfortable with rates on hold in spite of recent adverse economic data. However, the Federal Reserve chairman said the risks to both inflation and growth had increased in the past few weeks and the US central bank would be flexible [...] Hints that the Federal Reserve was no longer biased towards raising interest rates sparked a strong rally on Wall Street this week, raising investors’ hopes that the recent slump had run its course. While the Federal Open Market Committee statement on Wednesday was carefully worded, stirring debate about its meaning, the equity market’s response was unequivocal. The [...] The FOMC meeting on Wednesday and the accompanying statement are likely to be the focus for financial markets this week. Expectations remain for the Fed to leave rates on hold at 5.25% although some anticipate the statement may offer acknowledgement of softer growth and perhaps trouble in the sub prime lending sector. On that note, [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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