The meeting minutes from the Fed’s June announcement confirmed that members still maintain their resolve to continue increasing interest rates in the face of a slowing economy. The FOMC expects another rate rise this month which will either be a 50 or 75 basis point move. The market reaction last night was muted. The US dollar weakened a touch while equities saw a mild lift.
Today sees minutes from the European Central Bank’s last meeting. Many will also be keeping an eye on UK politics as Boris Johnson’s reign comes to an end. Also on the agenda will be some jobs data from the US ahead of Friday’s NFP report. Today’s data is reflecting the US private employment sector and is expected to show a 200,000 job gain in June.
Written by Viv Savani. 8:26am, July 7th 2022
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