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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: abstract who wrote (42740)	10/2/2001 8:06:43 AM
From: Dealer	Read Replies (1) of 65232

M A R K E T .. S N A P S H O T -- Markets focus on the Fed Central bank seen lowering rates by 50bps By Julie Rannazzisi, CBS.MarketWatch.com Last Update: 7:39 AM ET Oct 2, 2001 NEW YORK (CBS.MW) -- The U.S. markets are set to open on a slightly negative note Tuesday as investors are readying for another rate move by the Federal Reserve. The FOMC meeting is widely expected to produce the Fed's ninth interest-rate cut of the year. The fed funds futures markets are assigning a 96-percent chance to a slash in the overnight lending rate of 1/2 percentage point, which would push it to 2.50 percent. But some market strategists believe the Fed may opt for a less aggressive approach in light of the Sept. 17 inter-meeting rate cut of 50 basis points and take the funds rate down by just 25 basis points. In the futures markets, the December S&P 500 futures contract gave up 6.20 points, or 0.6 percent, and was trading around 4.30 points below fair value, according to HL Camp & Co. Nasdaq futures, meanwhile, declined 11.00 points, or 0.9 percent. In the Treasury sector, prices eked out gains for another session as rate cut expectations provided the market with a solid underpinning. The 10-year Treasury note was up 5/32 to yield ($TNX) 4.52 percent while the 30-year government bond rose 1/8 to yield ($TYX) 5.365 percent. No economic news is set for release on Tuesday. Check economic calendar and forecasts. In the currency segment, the dollar rose 0.4 percent to 120.63 yen while the euro slipped 0.2 percent to 91.48 cents. --------------------------------------------------------------------------------

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