Rate hike on the horizon?
WEEKLY MARKET COMMENTARY |
The U.S. enters its traditional summer holiday trading thins and volume plummets, which given current market sentiment, implies a strong probability of a continuing melt up in financial markets. Investor focus this week will be on the Wednesday publication of the July Federal Open Market Committee (FOMC) minutes and the broad spate of housing data. The Federal Reserve (Fed) will send out four speakers this week featuring New York Fed President William Dudley who will answer questions from the press on Thursday.
The July FOMC statement was perceived as hawkish and investors will be focused on the details in the FOMC minutes to assess the probability of either a September or December rate hike.