Action Economics Survey results:
Action Economics Survey results: the busy week of events and data did not materially impact near term views on the economy or Fed policy. But they have added a touch of caution to the outlook. The Fed was never really expected to hike rates again in July, according to the Survey results, and that remains firmly the case now in the aftermath of Chair Yellen's testimony and the tepid June inflation and retail sales reports. Indeed, the Survey Medians continue to show no forecaster projecting a rate hike at the July 25, 26 policy meeting, nor in September, and less than a handful seeing a 25 bp tightening on November 1. Next week's economic calendar includes housing starts, trade prices, and the Philly Fed manufacturing index. Starts are expected to improve to a 1.150 M pace in June, while import and export prices are seen dipping 0.1% and unchanged, respectively. The July Philly Fed index is forecast slipping to 22.5 from 27.6.