Rate Cuts This Year? Not Likely

The Fed will still hike rates because they want inflation closer to their target of 2%, notes David Wright. He discusses inflation data in focus this week. He looks at the Producer Price Index for June 2023. PPI month-over-month came in at 0.1% versus an estimated 0.2% while the prior was -0.4%. he previews the next FOMC meeting which is July 25-26th. He mentions that the Fed will most likely not cut rates this year. He suggests that jobs loss needs to reach 5% before the Fed cools down and reduces rates. He then talks about how the S&P 500 and Nasdaq-100 reached new 52-week highs. Additionally, he goes over how the St. Louis Fed President Bullard is to step down in August. Tune in to find out more about the stock market today.