There's an upward bias in the market, with more people generally kind of positive because the economy is doing well. Most people agree there's going to be at least two more rate changes. If you start talking about more than two, then it's going to be weird. That will have a negative effect on the market.
More Quotes from Jim Fehrenbach:
We're in a bit of a tight band right now, but that never lasts forever. We're waiting for the genesis of what will move the market either way. It absolutely can come tomorrow, but if the jobs data is benign, I would expect more of the same tomorrow.Jim Fehrenbach
Traditionally, Fed governors have raised past the point where the Street thinks they should, and I don't have any reason to believe that that won't be the case this time.
Jim Fehrenbach
The market is under pressure due to oil prices, Iran and concern about prospects for more interest rate hikes from the Fed.
Jim Fehrenbach
Obviously, we're starting to get the news from Katrina on the real situation, and the market is viewing that as not as bad. What's really driving it is when some refiners will come on line. That kind of certainty gives the market a platform to move higher.
Jim Fehrenbach
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