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We have a very important FOMC today, with all eyes on the Powell conference to get guidance into the future of the hiking cycle. The Fed is expected to raise interest rates at this meeting. Markets are pricing in a hike at the moment. CME FedWatch predicts an 84% chance of the Fed raising the Fed funds rate to 5.25%-5.5% at its meeting, up from 74% last week. The labor market remains tight, with nonfarm payrolls growing. June consumer prices data eased concerns, and Q1 GDP growth of 2% in early July has boosted the chance of an additional quarter-point hike.
Housing saw some pullbacks in the existing home sales and new permits/starts. Showing that we are seeing as rates are starting to price out some homebuyers.
Rates were fairly flat after a lackluster week of data. But the market anticipates a rate hike this week heading into the FOMC meeting.
Northrop Grumman Corporation and Merck & Company are covered this week.
Oil is a bit of a darling in the macro world as crude rallied over the past week and continues to rise to start the week. We have long noted that the physical market has been quite constructive for large sections of the year, though macro headwinds and capitalizing on this physical tightness is not always possible when trading liquid crude paper.
In this week’s T.A. section we are focusing on memecoins like Doge and PEPE, but also keep updated on the major tickers such as BTC, ETH and BNB in order to make sure that we have you covered on all angles of the crypto market.
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This week we learn to make a classic Italian dish, Linguine with Baby Octopus Alla Luciana
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