Merrill: "Data cools call for July cuts"

A few excerpts from a Merrill Lynch research note: The June employment report was strong with job growth of 224K ... leaving us comfortable with our view that the Fed will not cut in July and wait until September to deliver the first rate reduction. … last week's data were extremely important in dictating Fed action. So what did we learn? No fireworks from the G20 meeting, the ISM manufacturing index held in expansion territory at 51.7 and job creation was robust. The combination does not point to an immediate cut. At a minimum, this takes a 50bp cut off the table but should also prompt the......(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Around The Web https://ift.tt/2L7XpEk
via IFTTT