Happy hump day.
United States Secretary of the Treasury Steven Mnuchin made comments on the trade talks early Wednesday. Mnuchin says that he believes that the U.S. and China were almost 90% of the way through trade talks. Fed chair Jerome Powell spoke about the need for the central bank to remain independent and to not cave to "short-term political interests." And, of course, we have Micron (MU - Get Report) , which is Real Money's stock of the day and it also released earnings Tuesday after the bell. The company beat expectations.
The Trade Talks
While you were probably sleeping, Mnuchin told CNBC that a U.S.-China trade deal was around "90%" complete.
"The message we want to hear is that they want to come back to the table and continue because I think there is a good outcome for their economy and the U.S. economy to get balanced trade and to continue to build on this relationship," Mnuchin said.
The Federal Reserve
Comments from Powell and St. Louis Federal Reserve President James Bullard cooled investor optimism about a rate cut next month.
"The question my colleagues and I are grappling with is whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation," Powell.
Powell's remarks were preceded by comments from Bullard, the most dovish of the FOMC's voting members, who told Bloomberg Television that a rate cut in July of 50 basis points likely would be "overdone" given the underlying strength of the U.S. economy.
Real Money stock of the day Micron posted earnings after the bell Tuesday.
Adjusted earnings in the quarter were $1.05 a share, beating analysts' estimates of 76 cents. Revenue of $4.79 billion was down from $7.8 billion a year earlier but topped forecasts of $4.71 billion.