Most market indicators -- the stock market, bonds and the dollar -- were still deciding which way they want to move this morning ahead of this afternoons Federal Reserve meeting.
Soft jobs data last week reinforced Wall Street's view that the Federal Reserve will cut interest rates this year, although the figures were not weak enough to suggest a move was imminent, a Reuters poll showed.Given that gross domestic product grew just 1.3 percent in the first quarter, the worst performance in four years, and data shows core inflation abating, some analysts suspect officials may shift the balance of risks to neutral.
Oil climbed toward $66 on Wednesday, continuing a rally fired by new attacks on Nigeria's oil industry, forecasts of stronger second-quarter demand in the United States and a harsh Atlantic hurricane season.
Militant attacks have now shut about 28 percent of output from Nigeria, the world's eighth-largest exporter.On the deal front, the worlds largest miner, BHP Billiton, was said to be considering a hostile bid for Rio Tinto, although the latter denied any approach had been made.
Over here, several private equity groups are kicking the tires at Alltel Corp., the rural wireless service.
Derek Caney - Editor
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