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On the SPOT™ blog (07/27/2023) [M..]

Optimism about the economy seems to be increasing broadly following the FOMC meeting conclusion yesterday. Feds increased the rate by 0.25% as expected and the decision was unanimous. There was no new guidance about its future policy plans except the usual pragmatic comment of making data-driven decisions meeting by meeting. Feds observed the economy was growing at a moderate pace, labor market seems healthy and inflation remains elevated. Chairman commented that Feds would need more proof that inflation is durably down as they are not confident of it yet. He also mentioned that reducing inflation will likely require period of below-trend growth and some softening of labor market. Next meeting is in September but Feds also seem to be optimistic about not seeing a recession this year. GDP rose in Q2 and existing home sales also rose more than estimated in June. Regulators announced plans to raise capital requirements for big banks (~8 banks). In general, things look good and Meta Platforms (ticker META) results are offering boost to Nasdaq following its results. All the three major US indices are in the green this morning (PST).

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