Federal Reserve To Boost Rates Again, Here Are The Major Macro Issues For Wednesday

The Dow Jones tumbled by more than 200 points on Tuesday. Alphabet Inc GOOG GOOGL reported downbeat earnings for its second quarter after the closing bell on Tuesday.

Below is a look at the major economic reports scheduled for release today.

• The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
• Data on durable goods orders for June will be released at 8:30 a.m. ET. Analysts expect durable goods orders declining 0.5% in June following a stronger-than-expected 0.8% increase in May.
• An advance report on U.S. international trade in goods for June is scheduled for release at 8:30 a.m. ET. The US goods deficit is likely to shrink by $0.8 billion to $103.2 billion in June after narrowing to $104.0 billion in May.
• Data on wholesale inventories for June will be released at 8:30 a.m. ET.
• The pending home sales index for June is scheduled for release at 10:00 a.m. ET. Analysts expect pending home sales dropping 1% in June following a 0.7% increase in the previous month.
• The State Street Investor Confidence Index for July is scheduled for release at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• The survey of business uncertainty for July will be released at 11:00 a.m. ET.
• The Federal Reserve will announce its policy decision at 2:00 p.m. ET. The Fed is projected to increase its federal funds policy rate by 75 basis points for a second consecutive meeting.
• Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

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