This holiday-shortened week is highlighted by the release of the minutes from the most recent Federal Open Market Committee (FOMC) meeting and any potential updates regarding the progress of tax reform legislation.
The FOMC meeting minutes will likely support the expectation that interest rates will be lifted by 25 basis points at its December meeting. Market participants will also be looking for any direction on the path of interest rates in 2018.
The other major market moving news of the week will likely come from Washington surrounding tax reform. As the House and Senate continue to push the new legislation, markets will be watching very closely to see if the odds change prior to year-end.
I expect the markets will continue to trade in a tight range for the next few weeks.
Have a happy Thanksgiving!
Also, given the holiday this week, we will resume Chart of the Week next Thursday, November 30th.
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