Action Economics Survey results:
Action Economics Survey results: the better than expected June jobs report didn't significantly alter outlooks on Fed policy. The Survey Median continues to price in a 25 bp rate cut at the end of the month, as it's done since the June 18, 19 policy meeting. And estimates still range from an unchanged stance to a 50 bp easing. There is not a lot of data ahead, though with the FOMC focused on inflation, and the soft trend as rationale for a more accommodative policy stance, the June CPI report will be monitored. The Median projects an unchanged headline and a 0.2% increase in the core rate. Of much more importance, however, will be Fed Chairman Powell’s Monetary Policy Report to Congress (aka Humphrey Hawkins) on Wednesday, Thursday. The big unknown is whether he will support market expectations and suggest a rate cut is in the works.