July 5, 2017
Fed officials aren't so sure themselves, at least not at last month's FOMC meeting, whether the economy is strong enough to start the QE wind down in September or later in the year, perhaps December. The debate within the Fed reflects the ongoing run of soft economic data. Factory orders fell sharply in today's news though many of the details, including indications on business investment, were modestly positive.
The Dow posted a fractional loss to 21,478 while the dollar index held unchanged at 96.26. Oil fell back $2 and is back at $45 while gold firmed slightly to $1,225. Demand for Treasuries also firmed slightly with the 10-year Treasury yield down 2 basis points to 2.33 percent.