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 (NASDAQ:GOOG) (NASDAQ: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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