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What can I get you? - Twelve FOMC policymakers walk into a central bank and= order a pint of rate hikes. Behind the bar are three kegs with percentages= of 50 bps, 75 bps and 100 bps. "How strong would you like it?" asks the Fe= d Chair. "Not sure," they reply, "but we'll decide soon." The meetup drags = on way longer than expected, but the policymakers grow tired and soon begin= to leave. "Don't forget your pint," says the Fed Chair as they near the do= or. "Scratch the order," they exclaim, "it was just transitory!" No joke: I= t is now quite clear that Jerome Powell made a major mistake on the traject= ory of inflation and the Fed will need some hefty interest rate increases t= o get things under control. The question is by how much, and how fast. We'l= l find out some of those details at today's FOMC meeting, with a policy ann= ouncement coming at 2 p.m. ET and Powell taking the stage a half-hour later= . Markets will be on edge for much of the session and what will come afterw= ards is as much as any trader's guess. Keep an eye on terms like "above neu= tral" and "more aggressive," or if the central bank still believes that a "= soft landing" is possible. The Fed will also release economic projections, = a "dot-plot" on the future path of rate hikes, and may provide updated plan= s for the unwinding of its balance sheet. "Chairman Jerome Powell and his c= olleagues are walking a monetary policy tightrope hoping to avoid a recessi= on while dampening demand," said Mark Hamrick, senior economic analyst at B= ankrate. "This year's decline in stock prices and rise in bond yields are a= mong the more obvious consequences of the Fed's actions." Go deeper: Other = central banks are also getting nervous about current market conditions. The= ECB called an "ad hoc meeting" this morning as bond yields surge and inves= tors dump southern European government debt. In fact, the yield on Italy's = 10-year government bonds reached 4.2% - the highest level since 2013 and up= nearly 75 basis points in just five days - before falling back on word of = the meeting. Could the ECB create a new bond-buying tool to contain the fal= lout as it embarks on a series of rate hikes to fight record-high inflation= ? (21 comments)
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<= /a> Read in Browser
 
Top News
What = can I get you?
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Twelve FOMC policymakers walk into a central bank and order a pint of rate = hikes. Behind the bar are three kegs with percentages of 50 bps, 75 bps and= 100 bps. "How strong would you like it?" asks the Fed Chair. "Not sure," t= hey reply, "but we'll decide soon." The meetup drags on way longer than exp= ected, but the policymakers grow tired and soon begin to leave. "Don't forg= et your pint," says the Fed Chair as they near the door. "Scratch the order= ," they exclaim, "it was just transitory!"

No joke: It is now quite clear that Jer= ome Powell made a major mistake on the trajectory of inflation and the Fed = will need some hefty interest rate increases to get things under control. T= he question is by how much, and how fast. We'll find out some of those deta= ils at today's FOMC meeting, with a policy announcement coming at 2 p.m. ET= and Powell taking the stage a half-hour later. Markets will be on edge for= much of the session and what will come afterwards is as much as any trader= 's guess.

Keep an eye on terms like "above neutral" and "more aggre= ssive," or if the central bank still believes that a "soft landing" is poss= ible. The Fed will also release economic projections, a "dot-plot" on the f= uture path of rate hikes, and may provide updated plans for the unwinding o= f its balance sheet. "Chairman Jerome Powell and his colleagues are walking= a monetary policy tightrope hoping to avoid a recession while dampening de= mand," said Mark Hamrick, senior economic analyst at Bankrate. "This year's= decline in stock prices and rise in bond yields are among the more obvious= consequences of the Fed's actions."

Go deeper: Other central banks are also getting ner= vous about current market conditions. The ECB called an "ad hoc meeting" th= is morning as bond yields surge and investors dump southern European govern= ment debt. In fact, the yield on Italy's 10-year government bonds reached 4= .2% - the highest level since 2013 and up nearly 75 basis points in just fi= ve days - before falling back on word of the meeting. Could the ECB create = a new bond-buying tool to contain the fallout as it embarks on a series of = rate hikes to fight record-high inflation? (21 comments)
     
Featured
How to stay ahead of the bears
The S&P fell fu= rther into bear territory as investors held their breath, awaiting the Fed= =E2=80=99s answer today to the question everyone is asking: How much will t= hey raise interest rates?

Still, even in a bear market, there ar= e opportunities - if you know where to look. What do you hold, what do you = sell, and most importantly which stocks are becoming attractive to buy now?=

On Seeking Alpha, you can evaluate any stock in seconds with our exclusive stock ratings, and by the valuation, growth, and profitability grades. Our 'Strong B= uy' stock picks are outperforming the S&P 500 by 14% YTD. Over the last= 12 years, we've had a $175K return = vs. the market's $34K.

Get =E2=80=98Strong Bu= y=E2=80=99 stocks now
Media
iSports
Apple (AAPL) has hit a TV streaming= milestone, securing a landmark 10-year media rights deal with Major League= Soccer. That marks the first U.S. sports league to dedicate itself to a di= gital media name (meaning all of its games will move to streaming, instead = of some appearing on cable or broadcast TV). The agreement also departs fro= m the norm in other ways as Apple isn't paying a straight rights fee for th= e package, but will rather shell out a minimum guarantee worth $250M per ye= ar starting in 2023.

Fine print: MLS is still talking with linear TV networks incl= uding ESPN (DIS) and Fo= x (FOX), but those games wouldn= 't be exclusive but rather simulcast with Apple.

A new revenue stre= am will become available to the tech giant as it sells a new MLS subscripti= on offering. That service would live within the Apple TV app and include ev= ery game, such as ones that were part of national TV packages - on ESPN, Fo= x and Univision - as well as those that were aired locally by individual te= ams. Earlier this year, Apple struck an agreement with the M= LB to air Friday night games, Amazon (AMZN) recently took exclusive rights for "Thursday Night Football,= " and Disney just inked a $3B deal for the TV broadcast rights of cricket's= popular Indian Premier League.

Commentary: "Sports clearly represents the next battlegr= ound for ownership of the living room among the Big Tech companies,=E2=80= =9D explained Paolo Pescatore, media analyst at PP Foresight. "This is a st= atement of intent by Apple. While it's late to the party, it must now be co= nsidered a serious player for sports rights in key markets for its products= ." (45 comments)
     
On The Move
Texas Trail
Industrial conglomerate Caterpillar (CAT), known for its iconic yellow construction and mining equipment,= is moving its headquarters out of Chicago, Illinois, a state that it has c= alled home for nearly a century. It's a notable decision for the manufactur= ing bellwether, which is one of the 30 companies that make up the Dow Jones= Industrial Average. Caterpillar currently employs about 108,000 people wor= ldwide and generated $51B of revenue in 2021.

Quote: "We believe it=E2=80=99s in t= he best strategic interest of the company to make this move, which supports= Caterpillar's strategy for profitable growth as we help our customers buil= d a better, more sustainable world," CEO Jim Umpleby declared, adding that = Caterpillar wouldn't receive any economic or tax incentives related to the = move.

Several other big U.S. companies have also recently relocated= to Texas, including Oracle (OR= CL), Tesla (TSLA) and Hewlett = Packard Enterprise (HPE). It comes as firms assess hiring and the costs of doing busine= ss, especially as they move past the pandemic (or prepare for a recession).= Texas is a very attractive destination, given its cheap real estate, loose= r regulations, tax policies and an expanding technology workforce.

= By the numbers: Texas= , along with Arizona, New Mexico, Oklahoma and Nevada, added more than 100,= 000 manufacturing jobs from January 2017 to January 2020, according to an a= nalysis from The Wall = Street Journal, based on data from the Bureau of Economic Analysis. = That number accounts for 30% of U.S. job growth in the manufacturing sector= and is about triple the national growth rate. (54 comments= )
     
Trade
Blow to WTO

All is not well at the four-day summit of the World = Trade Organization in Geneva, with the first ministerial meeting since 2017= coming up short on deliverables and a general show of unity. Credibility a= ppears to be on the line due to gridlock over lowering subsidies and easing= trade flows, and delegates will have to act fast if they want something co= ncrete to take home to their countries. The closing session will end today,= though there are calls to extend the conference by an extra 24 hours to a = lack of consensus.

Backdrop: The last WTO gathering broke u= p without an agreement on farming subsidies and officials are desperate to = get at least one deal over the line this time around. It's especially impor= tant given the recent shift towards deglobalization, which has been exacerb= ated by the pandemic, new waves of nationalism and fears that everyone is n= ot playing by the same rules (like China). The result has been a fragmentat= ion of trade regulations, which can be especially damaging in the WTO, wher= e all 164 member states have to agree on any one particular issue.

A= t this year's conference, there have been talks on ways to tackle food secu= rity threatened by the invasion of Ukraine, which has been traditionally re= ferred to as the "Breadbasket of Europe." Efforts have been made for countr= ies to send food to the World Food Program, but there are many nations that= are holding out as they worry about their own resources. The most likely a= rea that could see some agreement is a deal to end harmful fishing practice= s - which are underpinned by billions of dollars in global subsidies - but = those too ran into trouble at the last minute.

Go deeper: It's just one scenario, but the case exemplifies the typical disagre= ements that take place within the WTO. With negotiations in play for more t= han two decades, a pact aimed at sustainable fishing was close to completio= n, before being derailed by major fishing nation India. New Delhi insisted = on a 25-year overfishing exemption based on its status as a poorer developi= ng country, though other nations were only willing to grant it a 7-year tra= nsition period, arguing that larger carveouts would be catastrophic. (10 comments)

     
Today's Markets
In Asia, Japan = -1.1%. Hong Kong +1.= 1%. China +0.5%. India -0.3%.
In Europe, at midday, London +1.3%. Paris = +1%. Frankfurt +1.2%= .
Futures at 6:20, Dow +0.5%. S&P +0.6%. Nasdaq -1.4% to $117.32. Gold +0.7= % to $1826.30. Bitcoin -9.3% to $20,187.
Ten-year Treasury Yield -10 bps to 3.38= %
Today's Economic Calendar
7:00 = MBA Mortgage Applications
8:30 Retail Sales
8:30 Emp= ire State Mfg Survey
8:30 Import/Export Pri= ces
1= 0:00 Business Inventories
10:00 NAHB Housing Market Index
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:30 PM Ch= airman Press Conference
4:00 PM Treasury= International Capital

Compan= ies reporting earnings today =C2=BB
What else is happening...
Wholesale prices surge 10.8% in May, near a record annual pace.

Coinbase (COIN) slashes headcount to position for economic downturn.

Founder Harold Hamm offers to take Conti= nental Resources (CLR) private.

FedEx (FDX) soars after boosting quarterl= y dividend by more than 50%.

M= oderna (MRNA) COVID shot linked = to higher heart inflammation risk - CDC.
Berkshire Hathaway's (to donate.
Trump SPAC (D= WAC) plunges 30% for second day in a row amid = SEC probe.

Spirit (SAVE) updates due diligence on JetBlue (JBLU), Frontier (ULCC) deals.

El Salvador's Bitcoin (BTC-USD) stash value drops as crypto winter sets in.

Energy outlook: OPEC perceives global oil demand wi= ll ease in 2023.
Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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