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Stock and bond prices have been marking time over the past couple of weeks, waiting for Fed Chair Jerome Powell to speak tomorrow at 10 a.m. at the Jackson Hole Symposium. Meanwhile, today's batch of economic indicators supports our view that a Fed rate cut may not be warranted at the September 16-17 meeting of the FOMC if the other indicators released in the coming days also confirm that the economy doesn't need lower interest rates.
The July FOMC minutes released yesterday explained why all but two of the committee's members voted to leave the federal funds rate unchanged. We expect they will offer similar explanations for the same decision at their September meeting:
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