Daily Market Color September 29, 2015Global Growth Concerns Keep Treasuries Well-Bid While Stocks Struggle for Direction Equities fluctuated while Treasuries rallied across the curve as fears over a global economic slowdown persisted. News overnight included the Reserve Bank of India surprising markets by cutting its repo rate 50 bps to 6.75% (7.00% expected). The bank expressed concerns over the recent slowdown in the Chinese economy and the accompanying statement described their decision as “front-loaded policy action”. This is the fourth time India’s central bank has cut interest rates this year. Also overnight, Glencore released a statement reassuring investors and several brokerage houses put buy recommendations on the stock, prompting a rebound in the company’s embattled shares. US economic data was light today, but the unexpected rise in consumer confidence was welcomed news. Data picks up tomorrow with the release of the ADP Employment report. There aren’t any scheduled Fed speakers today after yesterday’s conflicting rhetoric. Both NY Fed President Dudley and SF Fed President Williams signaled support for an interest rate hike this year, while Chicago Fed President Evans said he was unlikely to support a rate hike until the middle of next year. Evans would like to see more signs that inflation is beginning to head higher, while Dudley and Williams expressed confidence that inflation was already rising towards the Fed’s 2% target. Evans is widely considered the second most dovish FOMC member behind Kocherlakota.