OPEC's big meeting and new clues to Fed policy are next up for markets

Saturday, 20 May 2017, 09:02:45 AM. Figuring out the Fed will be a top priority on Wall Street, as markets also watch for any new fallout from the Trump campaign investigation.
The Fed will be a top priority on Wall Street in the week ahead, as markets also watch for any new fallout from the Trump campaign investigation. There are a handful of Fed speakers, and their words will be more important after St. Louis Fed President James Bullard Friday said the Fed's interest rate hiking plans may be too aggressive. The minutes from the Fed's May 3 meeting will be released Wednesday, but market developments, some softer data, and new uncertainty around the investigation into Trump's campaign have made them outdated, Fed watchers say. President Donald Trump will be out of the country, visiting Saudi Arabia, Israel, and Italy on his first overseas trip. Trump also attends G-7 at the end of the week. Markets are keenly watching this trip to see how the president's unconventional behavior plays in diplomatic circles and in his interactions with other world leaders. Oil could be a major focus with OPEC's decision Thursday on whether to extend its current production agreement. West Texas Intermediate crude futures crept back above $50 per barrel Friday on expectations oil producers will strike a bigger deal than their last production-cut accord. Stocks finished out the past week with just a slight loss, after Wednesday's deep swoon on concerns that Trump's Russia troubles could be taking a more serious turn. But by Friday, traders had stopped worrying about impeachment and were hoping a special counsel on the investigation would bring some calm. However, news...Read more
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