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China’s President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017.
Political developments will also likely be another area of focus for investors Wednesday, as the U.S. government shutdown showed no signs of letting up. President Donald Trump delivered a prime-time television address on Tuesday night, where he made his case for a border wall separating the U.S. and Mexico, a key sticking point inhibiting progress toward a funding deal to re-open the government.
It is a quiet day in terms of economic data, with MBA mortgage applications due at 7 a.m. ET. In auction news, $24 billion in 10-year Treasury notes will be auctioned on Wednesday.
Traders will likely monitor speeches from several Federal Reserve policymakers: Atlanta Fed President Raphael Bostic speaks at an event in Chattanooga, Tennessee, at 8:20 a.m. ET; Chicago Fed President Charles Evans is speaking at an event in Riverwoods, Illinois, at 9 a.m. ET; and Boston Fed President Eric Rosengren will provide an economic outlook at an event in Boston, Massachusetts, at 11:30 a.m. ET.
Fed Chairman Jerome Powell assuaged investor concerns last week, pledging during a panel discussion that the U.S. central bank “will be patient” with monetary policy. Investors, increasingly on edge over the possibility of a global slowdown, had feared the institution may be hiking interest rates too fervently. The Fed hiked rates four times last year, and expectations have tempered as to how many times it may raise its benchmark rate this year.