The June FOMC meeting concluded with members deciding to raise the fed funds target rate by 0.25%, for the seventh time this cycle, to a new range of 1.75-2.00%. As the probability of this happening was over 95%, in light of recent stronger economic and inflation data, this was far from a surprise.
- Economic data for the week was highlighted by a slight reduction in Q1 GDP, strong manufacturing data, mixed housing data, but a stronger-than-expected employment situation report.
- Equity markets gained on the week in the U.S., but foreign stocks were held back by concerns in Europe. Bonds fared well, with interest rates falling slightly. Commodities declined, led b