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Top stories today:
- Fed keeps rates at 5.25% - 5.50%, with a rate cut ‘as soon as [Sep.]’
- Meta’s revenue +22% to $39.1B, as Reality Labs still loses $4.5B
- NVIDIA stock +13% after Microsoft’s bullish results, AMD’s results
- Harris edges higher to 43% odds after Trump interview, more polling
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. Fed keeps rates at 5.25% - 5.50%, with a rate cut ‘as soon as [Sep.]’
Risks to the Fed’s “dual mandate” were added to the FOMC statement, signaling a growing worry with weaker labor markets:
Powell’s full quote: “The question will be whether the totality of the data, the evolving outlook, and the balance of risks are consistent with rising confidence on inflation and maintaining a solid labor market. If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September.”
Markets price in a near certainty of rate cuts in Sep., little changed from before the meeting
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