The Tuesday Wrap
Core Durable Goods just missed consensus, while the headline missed badly. The FHFA HPI, and the Markit Flash PMI both missed. New Home Sales, and the Richmond Fed both beat.
1) Federal Reserve Gov. Jerome Powell indicated that the Fed could be on schedule to raise the Fed Funds Rate in September (told you), and possibly do it again in December. This put a lid on Equities, jacked up the US Dollar, put a dent in Treasuries, and crushed the Utility sector. Words do count.
2) The major Equity indices closed nearly unchanged (up small) on pitiful volume, as optimism over Greek debt talks kept a floor under the market.