NEW YORK ( TheStreet) -- Investors are laser-focused on Fed Chair Janet Yellen's press conference this afternoon capping the Federal Open Market Committee's two-day monthly meeting. Expectations continue to vacillate between a September and December interest rate hike. We doubt very much anything new will come out of the meeting, and we expect the Fed to continue to stay in waiting mode that is data dependent for further action.
In the U.S., equity futures are trading slightly higher this morning
Overseas, bonds in Spain, Italy and Portugal continue to sell off, while the German Bund is seeing a flight to safety and its yield is coming down.
In M&A news, it has been announced that private equity shops Blackstone (BX) and Carlyle (CG) will team up for a $10 billion buyout of NCR (NCR).
Our congratulations to Steph Curry -- a bright star for the Growth Seeker portfolio's Under Armour (UA) holding -- and the Golden State Warriors on winning the NBA championship!
Some notable earnings calls today include FedEx (FDX), Actuant (ATU), Oracle (ORCL), Jabil Circuit (JBL) and Pier 1 Imports (PIR).
At 10:30 a.m. ET we will get the Energy Department's energy inventories report, and all eyes, of course, are on the 2:30 p.m. news conference by Janet Yellen.
- European Commission President Jean-Claude Juncker accused Greek Prime Minister Alexis Tsipras of misleading the Greek people, in an increasingly acrimonious public fight about the Greek bailout. Tsipras said on Tuesday that among the proposals made by the creditors was an increase of 10 percentage points of value-added tax (VAT) on electricity, while other Greek ministers slammed proposed tax increases on medicines. But Juncker said he had specifically told Tsipras that he was not in favor of any of the mentioned tax increases. However, Greek Finance Minister Yanis Varoufakis accused Juncker of either not reading the documents he gave to Tsipras, or of reading them and forgetting about them.
- Japanese exports slowed for a second straight month last month, with weak foreign demand weighing on the country's economic growth. Japan's exports grew 2.4% year on year in May, less than a 3.5% gain forecast by economists and a 8.0% rise in the prior month. Compared with April, exports fell 2.7%.
- Strong private consumption and low unemployment will boost the German economy by more than expected, according to new forecasts by the Ifo Institute. The Munich-based institute said on Wednesday it expected the German economy to expand by 1.9% this year from a previous forecast of 1.5% in December. For 2016, Ifo is forecasting growth of 1.8%.]
- Russian cargo company Volga-Dnepr has signed a memorandum of understanding to buy 20 planes from Boeing (BA), with a list value of $7.4 billion. Under the agreement, Volga-Dnepr will also provide its Antonov-124-100 aircraft for the transportation of aviation equipment for Boeing and its partners, Boeing said.
- Foreign direct investment into the U.K. has topped 1.0 trillion pounds ($1.55 trillion) for the first time, Prime Minister David Cameron said. It is the highest in Europe and the third in the world after the U.S. and China. The data is likely to encourage those who advocate an exit of the U.K. from the EU, since the discussions about a possible "Brexit," as it is called, do not seem to discourage inward investment. However, one analyst has said some of the net foreign direct investment is actually made up of U.K. companies repatriating funds.