Futures point to higher open after central bank decisions
Futures are pointing higher as the market reacts to the Federal Reserve rate news from yesterday afternoon and announcements from the ECB and BOE this morning. The Fed raised rates for the third time in 2017, as widely anticipated, and signaled it expects about the same tightening pace next year. Meanwhile, its central bank counterparts in Europe and England kept their own rates and asset buying plans unchanged. On the domestic data front, import prices increased 0.7% and export prices were up 0.5% in November, while retail sales were said to have increased 0.8% month-over-month in November, which was stronger than expected. In pre-market trading, Dow futures are 170 point above fair value, Nasdaq futures are 29 points above fair value and S&P futures are 6 points above fair value.