The last chance to guide markets to no change was last week and the Fed passed.

Fed Chairman Powell provided his semi-annual report to Congress on the condition of the U.S. economy and the outlook for monetary policy. The entire two days of testimony can be summed up by one word: uncertainty. He used this term to justify the reduction of managed rates expected at the next FOMC meeting. He expressed concern about two primary issues. The uncertainty of weak global economic growth, and the uncertainty of trade wars and the use of tariffs. He cited the experiences of Japan and Europe both of whom waited too long to generate faster economic growth.

 

PROBANK AUSTIN ADVISOR - JULY 15, 2019