Fed done for the moment. What's next? Three factors for the remainder of week:
1) inflation indicators: PPI tomorrow, CPI Thursday. Expecting LOW NUMBERS here.
2) Quadruple witching on Friday will create a bit more volume
3) Health care bill is the unknown.
At a dinner party I attended in Washington this weekend, I was quite surprised at the number of well-informed people who felt the health care bill had a good chance of passing.
Until recently, the Street felt that passage of the Senate bill was unlikely.
Medicare Advantage (MA) companies are certainly at a higher risk. Oppenheimer notes that the Senate bill that the House is contemplating passing right now includes a 3 percent reduction in Medicare rates. Goldman Sachs downgraded Universal American because its earnings are 50 percent exposed to MA.
More Market News & Views:
- Americans 'Disgusted' With Congress: NBC/WSJ Poll
- Roubini Worried by 'Runaway Fiscal Deficits'
- Changes Likely in Store for Dodd's Financial Reform Bill
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