Stock Market Today: Waiting on the Fed
It's Fed Day, and markets are little changed heading into the opening. We're still watching the Middle East, too, as Iran refuses to surrender.
Happy Fed Day!
Will they or won't they? Actually, that's not really the question. The market is pricing in almost a 0% chance that the Federal Reserve moves on interest rates today.
So, any move will be a huge surprise. The real question is what will the Fed say? About future moves, that is.
Look for a statement from the Fed around 2 p.m. U.S. EDT today and a news conference with Chairman Jerome Powell 30 minutes later.
This morning's economic reports include initial jobless claims and housing starts.
Jobless claims dropped to 245,000 for the week of June 14, below expectations of 251,000. While the beat is good, this is near the highest levels of the year and indicates a cooling job market.
Housing starts were also below expectations, which in this case is not good. Starts were 1.26 million vs. a forecast of 1.36 million.
Housing remains unaffordable for many Americans.
US Housing Affordability Index: Hovers near worst levels since the late 80s
Median age of a first-time buyer: From 28 to 38
From Mike Bell JPM pic.twitter.com/SDE1DP0XjG— Mike Zaccardi, CFA, CMT
