The announcement of a rate cut is just a trigger that leads to a series of reverberations, so know how to navigate the volatility afterward.
Jerome Powell is the Plain English Fed Chair.
Will we see no cut, or a 25- or 50-basis-point chop? Here's what is likely to happen.
Look for the market to digest the DOJ antitrust news quickly and focus again on the Fed and earnings.
Big Wall Street firms like JPMorgan Chase, Citigroup and Goldman Sachs, which are scheduled to release their second-quarter results next week, probably suffered revenue declines in their juggernaut bond- and stock-trading divisions, analysts say.
Bank of America economists last week had projected that the Federal Reserve wouldn't cut interest rates at a meeting later this month - a remarkable out-of-consensus call by the second-largest U.S. bank. But after Fed Chairman Jerome Powell's testimony on Wednesday before the House of Representatives, the economists now say there's little point in resisting the central bank's apparent resolve to move forward with a reduction.
This appears to be one of the most spirited debates within the Fed in several years.
U.S. Rep. Maxine Waters, a California Democrat who heads the House Financial Services Committee, tells Federal Reserve Chair Jerome Powell that regulators aren't prepared for the emergence of cryptocurrencies, amid gnawing fears that Facebook's proposed digital currency, Libra, might serve to erode the supremacy of the U.S. dollar in the global financial system.