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Stocks Up, Fed Keeps Rates Steady, Traders Expect Cut In July

Stocks extended their gains yesterday after the Fed left interest rates unchanged, but signaled a rate cut could be coming soon.

Fed Chairman, Jerome Powell, said, "The case for somewhat more accommodative policy has strengthened." And while still sounding bullish on the economy, he conceded that "uncertainties about the outlook have increased."

No doubt he was talking about the possible drag on the economy if tariffs remain in place and even escalate.

Subdued inflation was also a factor as well.

In light of that, the Fed's statement said, they "will act as appropriate to sustain the expansion."

The rate-setting committee votes showed 9 out of 10 wanted to keep rates unchanged yesterday, with only James Bullard dissenting by calling for a rate cut now.

Looking to the future, the consensus view is that rates would likely be cut a couple of times by the end of 2020. But at present, officials seemed evenly split on what happens in 2019.

Nonetheless, traders seem nearly certain (97% certain) that a rate cut is coming this year, with high odds that we get one in July. We shall see.

Traders will shift their focus back to the upcoming meeting between President Trump and President Xi at next week's G20 summit.

In the meantime, delegations from both countries will be holding talks on the phone and working on trade issues ahead of the meeting.

Optimism is growing that a real breakthrough could be announced, and maybe even an agreement.

If so, stocks could soar.

As I've been saying, these are truly historic times for the economy and for the market.

So make sure you're taking full advantage of it.

That means getting into the right stocks and staying out of the wrong ones.

Don't squander this time with preventable mistakes. Just stick with proven, profitable stock picking strategies and you can make the rest of this year your best year yet. For tips on how to do that, be sure you read our latest commentary...

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Executive Vice President, Zacks Investment Research


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