Highlights
As expected by the market, the Federal Reserve raised interest rates 25 basis points yesterday.
The interest rate hike was considered friendly based on market action, but US Treasurer, Janet Yellen, said later yesterday the government is not considering insuring all uninsured bank deposits, something many analysts expected said would go a long way to bring confidence in the banking system.
Tidbits
USDA announced yesterday morning the sale of 178,000 mts of old crop corn to China. That is an old crop corn sale to China 6 of the last 7 days.
The UK’s 12 month inflation rate as of February was 10.4% vs. expectations of 9.9% and up from 10.1% in January. Food inflation is 18%.