Major averages finished roughly flat though near the top end of their respective ranges. Volume was mixed, higher on the S&P 500. The VIX traded down to 9.32 which is 0.01 away from its all-time low of 9.31.
The International Monetary Fund has lowered its U.S. economic growth forecasts for this year and next. The IMF cut its U.S. gross domestic product forecast for 2017 to 2.1% from a prior forecast of 2.3%, and its 2018 outlook to 2.1% from 2.5% due to "the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of U.S. fiscal policy changes," said the IMF. The Fed will have to tread gently to avoid a recession which some have argued is already upon us due to the artificially manipulated CPI which should be significantly higher. Singularly, one only need look at the cost of good across a broad spectrum to see inflation has been far greater than what is quoted by the CPI.
Abroad, the forecast for U.K. growth was cut to 1.7% from 2.0% for 2017, while growth projections for many euro-area countries were revised up for this year, including Germany, France, Italy and Spain. IMF also raised its growth expectations for China to 6.7% from 6.6% forecast in April.
The Senate is expected to hold a vote this week that would open a formal debate on health-care reform. If approved, GOP lawmakers are then expected to try and push through some type of health-care reform legislation but the end result remains unclear as Republicans can only afford to lose two votes in the Senate and several GOP Senators have already voiced their opposition to the health-care reform options that are currently on the table.
Market Lab Report - Premarket Pulse 7/24/17
| Published: | 24 Jul 2017 09:00 ET |
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