Decision Day at the Fed

Fed Chair Jerome Powell must do his job today. This could get ugly if he fails to address the bigger questions about the economy, monetary support, and trade.

Market outlook:

• Futures Up: S&P +28bps, Nasdaq +35bps, Russell +31bps

• Treasury yields little changed with 10-year at 4.29% as markets await Fed decision

• WTI crude slides toward $66 after API reports 4.6M barrel inventory build; bearish sentiment growing as OPEC prepares production increases

• Gold steadies near $3,030/oz after hitting a new all-time high amid heightened geopolitical tensions and economic growth concerns

• Bank of Japan holds rates steady with Governor Ueda saying they’ll reassess in early April after tariff outlook becomes clearer; Yen edges lower 45bps

• America's share of global market cap drops from 51% in January to below 48% today; S&P 500 now underperforming global stocks by the widest margin in nearly 40 years

Dear Reader:

Good morning.

Yesterday, I took what feels like the first vacation day I’ve had in nearly eight years. I still “worked…” as I read. But on Tuesday, I took my daughter to Cooperstown, New York, to visit the National Baseball Hall of Fame.

We bought baseball …