Prepare for the Pre-Fed Drift

The markets are flat as we prepare for a busy next few days...

Market outlook:

• Futures Slightly Lower: S&P -32bps, Nasdaq -16bps, Russell -61bps

• Treasury yields steady ahead of busy Central Bank week; slight curve flattening with 10-year at 4.29% and 2-year edging up to 4.02%

• UBS raises gold target to $3,200 by June as price tops $3,000/oz

• Goldman Sachs cuts Brent crude forecast to $71 from $76; historically a contrarian indicator as the firm is notorious for perfectly timed wrong-way calls

• China announces plan to boost consumption to stimulate domestic demand, targeting incomes, tourism, and market stability

• Copper approaches October highs, with metal gaining 12% YTD despite property sector concerns in China

• Egg prices plummet as demand destruction takes hold; consumers retreat from inflated prices while the Trump administration approaches Europe For imports

• Tensions escalate as Houthis launch 18 missiles at US carrier group following Trump airstrikes; watch shipping and defense stocks on prolonged Red Sea disruption

• Berkshire raises stakes in Japanese t…