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By Staff Reporters
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An important week of the summer” for Wall Street, thanks to a deluge of earnings, economic data, and Fed action. For example:
Fed meeting: After the Fed wraps up its meeting on Wednesday, it’s expected to announce another interest rate hike to tame inflation. Central bank officials have signaled that they’ll boost rates by 75 basis points, the same as last month’s increase. That was the biggest rate hike in almost three decades.
Earnings: More than a third of S&P 500 companies will report this week, including tech behemoths Microsoft, Apple, Meta, Amazon, and Alphabet.
Economic growth: Q2 GDP will be released on Thursday, and it could show that the US economy shrunk for two straight quarters.
Finally, former Treasury Secretary Lawrence Summers said Federal Reserve [FMOC] officials need to stay the course to quell inflation that’s proving persistent at a four-decade high. “We do need strong action from our central bank,” he said on CNN’s “Fareed Zakaria GPS”. While Summers said he’s “encouraged” by the Fed’s commitment to bring down inflation, he cast doubt on the likelihood of a soft landing for the US economy, saying it’s “very unlikely.”
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Filed under: Accounting, Alerts Sign-Up, Glossary Terms, Investing | Tagged: Larry Summers, This Week on Wall Street, Wall Street | Leave a comment »
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