It is Wall Street’s favorite holiday - the wearing of the GREEN. Happy St. Patrick’s Day.
The Federal Reserve left interest rates unchanged yesterday and cut its expectations for further interest rate increases. The Fed now expects to raise rates only twice this year, down from its previous estimate of four. (CNBC)
The Consumer Price Index increased 0.3% in February. But underlying inflation increased more than expected as rents and medical costs maintained their upward trend. In the 12 months CPI is up 2.3%, the largest gain since May 2012. Medical care costs rose 0.5% prescription drug prices were up 0.9%, hospital services increased 0.5%. Price of apparel, rose 1.6%, the largest gain since February 2009. (Labor Department)
Caterpillar, the biggest maker of construction and mining machinery in the world, says quarterly results were impacted as miners cut billions from their investment budgets to weather the commodity rout. Commodity prices slumped earlier this year to their lowest level in almost seven years. (Bloomberg)
Office Depot may get a bid from Amazon to buy its corporate business unit, according to The New York Post.
Oil is up 50 cents at $39.00 a barrel.
Gold is up $41 at $1271 a Troy ounce.