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Afternoon Note

Awaiting Fed Minutes

By Charles Payne, CEO & Principal Analyst
4/10/2019 2:04 PM
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The market was split today, with the Dow and S&P 500 slightly down opposed to the Nasdaq which is in the green. The market is watching top bank executives testify on the health of the U.S.’s banking system in the aftermath of the 2008 financial crisis.

Investors are digesting the latest inflation data after the Labor Department showed low overall inflation. The consumer price index rose 0.1% in March from the prior month, for a 1.9% year-on-year increase. The ex-food and energy, or core index, rose 0.15% for a gain of 2% year-on-year. These were below market expectations. Apparel recorded its biggest month-to-month decline of 1.9%. Offsetting that, tenants’ rent was up about 0.4% on the month, college tuition price was up 0.8%, and prescription drug prices rose 0.6%.

The persistence of low inflation reading overall has been a key reason why the market is spooked about any further Fed tightening. Investors will get a better look at the Fed’s monitoring of inflation when the details of its March minutes are released at 2 p.m.

S&P 500 Index


Communication Services (XLC)


Consumer Discretionary (XLY)


Consumer Staples (XLP)


Energy (XLE)


Financials (XLF)


Health Care (XLV)


Industrials (XLI)


Materials (XLB)


Real Estate (XLRE)


Technology (XLK)


Utilities (XLU)


Melissa Francis on After the Bell floated the idea of a national catastrophic fund to cover the expenses of the sickest 5% of the population that is using 50% of the health care. Her guest shot her down and said it should be done by the states. I am a staunch republican, but this will not work because the poor southern states will not do it and only the rich democratic states will do it. we have seen this prior to obamacare with the state programs for the sickest population, such as tencare in Tennessee. I had friends in Mass whose sick relatives received great care under these programs and I had relatives in Tennessee who did not qualify even though they were unable to work because of very severe health issues. We need something that will cover the sickest population regardless of how rich their state is. I know I am sounding like a Democrat, but I firmly believe we need a national program and cannot rely on the states to run this. I wrote to you about a week ago suggesting the national catastrophic pool.

Paula Holt on 4/10/2019 7:47:39 PM

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