BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 email@example.com
Yesterday, Federal Reserve chair Jerome Powell spoke to the Senate as part of regularly scheduled testimony and will speak to the House of Representatives today. He indicated a gradual pace of tightening would continue “for now”, which assumes inflation remains in check and the economy maintains steady growth. Meanwhile announced this morning, both Housing Starts and Building Permits fell in June, more than forecasts. Housing Starts were 1.173 million, down 12.3% from the previous month and Building Permits were 1.273 million, down 2.2% from the previous month. While housing is only 4% of GDP, it is a reminder that economic data can turn both ways and the Federal Reserve needs to carefully consider new data in their policy in the months ahead. In all, equity futures are mixed this morning heading into the market open.
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