The Federal Reserve's dovish turn on interest rates, alongside Chairman Jerome Powell's somber assessment of the global economy, has investors betting in rare unanimity on near-term cuts as central banks around the world react to the new reality of slowing growth and weakening currencies.
The Fed's monetary-policy committee voted to keep the benchmark U.S. interest rate at 2.25% to 2.5%, but warned of risks to the U.S. economy and dropped a pledge to remain 'patient' on future rate cuts.
The Trump administration actively explored taking legal action to demote Federal Reserve Chairman Jerome Powell, an extraordinary and unorthodox move that calls into question the White House's perception of the central bank's independence - and track record.
The Federal Reserve's monetary-policy committee, after a two-day meeting that culminates on Wednesday, is likely to scrap a pledge for 'patience' on setting interest rates, paving a way for a rate reduction in July, according to economists at Deutsche Bank.
Builders started 1.269 million new home-construction projects during May, the Census Bureau says, down from the prior month's 1.29 million. But the figure for housing starts still exceeded Wall Street expectations for 1.245 million new projects in May.
Short-term chop or pullback appear likely, but there's an indicator worth fretting over: The 50- and 200-day moving average lines of the Russell 2000 are rolling over.