Afternoon Note
Markets are making the move as the Street awaits the progress on the debt ceiling debate and Jerome Powell’s speech on Friday.
This morning, the Dallas Federal Reserve Banking Conditions warned that banks have continued to see loan demand tightening, the most in six years, speeding the possibility of a credit crunch, and in turn, a recession. The data comes after the Fed’s SLOOS (Senior Loan Officer Opinion Survey) reported a drop in loan demand and an increase in credit terms last week.
Six sectors are trading in the green, led by Technology and Financials. The rebound action in regional banks has been a source of support for Financials today.
Retail sales and a selection of housing data will be the highlights in this week’s economic data reports.
Three more Fed speeches today.
Let’s see if we can hold onto gains into the closing.
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