Market Minute 9-17-25- Markets Mark Time as Fed Decision Looms

Market Overview - Most assets, including stocks and Treasuries, are currently stagnant, with gold, silver, crude oil, and Bitcoin trading slightly lower, while the dollar shows a minor increase [1] - Investors are awaiting the Federal Reserve's interest rate decision, with futures markets indicating a 25-basis point cut is fully priced in, and a 6% chance of a 50-basis point cut [2] Federal Reserve Meeting - The current Federal Reserve meeting is noted as unusual due to political influences, with President Trump advocating for a significant rate cut [3] - Fed Chairman Jay Powell and the committee are shifting focus from tariff-driven inflation to labor market weaknesses [4] Mortgage Rates and Refinancing - The 30-year mortgage rates have decreased, recently falling below 6.4%, which has led to a surge in refinancing applications, reaching the highest level since early 2022 according to the Mortgage Bankers Association [4] Company News: Workday Inc. - Workday Inc. shares are experiencing a surge following an activist investment from Elliott Management, which has acquired a $2 billion stake and aims to enhance the company's value [6] - Workday announced a $5 billion stock buyback plan over the next two years and disclosed the acquisition of AI-focused firm Sana for $1.1 billion [6]