More disappointing data pushed stocks lower at the start of trading, but the market moderated, and continued to be in wait-and-see mode. Then, St Louis Fed President James Bullard said a 50-basis point cut in July would be “overdone.” The markets are now taking another leg lower.
The news probably puts additional pressure on the Federal Reserve to be proactive. Of course, there are so many things putting pressure on Jay Powell & Company including:
Everyone will be listening attentively to Federal Reserve Chairman Jay Powell in New York today. After it was revealed Neel Kashkari advocated for a 50-bps rate cut, more observers are jumping on that bandwagon.
Conference Board Consumer Confidence
The initial read coming in at 121.5, significantly below consensus of 131, as consumers worry more about the China trade skirmish and potentially higher tariffs. The number is still near historic highs and there were no real red flags. Still, it’s another number that came in less than anticipated.
New Home Sales
New home sales declined 7.8% to an annualized rate of 626,000 far below the consensus number of 683,000. It was the second consecutive decline from the second highest level in more than a decade.
New Home Sales
Median sales prices for new homes continues to move lower since peaking at $343,400 in November 2017. Median sales price was $308,000.
|Why would he say something about .50? If anything cut .25|
Ron Bellm on 6/25/2019 1:15:08 PM
|It really wasn't on the table until this news on Friday:
Minneapolis Fed President Kashkari advocated for 50 basis point rate cut
Charles Payne on 6/25/2019 1:18:40 PM
|I really don't care about the tariffs on China, we should always buy American made buy cheap crap from other countries is what made our country fall apart in the first place.|
Karen on 6/25/2019 7:44:47 PM
|So many people are with you but the media and elites are sparing no expensive on the fear campaign. Imagine with the nation waited another four or eight years to fight back or if we never pushed back against horribly lopsided relationship. CP|
Charles Payne on 6/25/2019 7:59:52 PM
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