Weekly Market Recap This week the Federal Reserve (Fed) released the minutes from their June meeting. In the Fed's assessment, the US economy appeared to have "picked up" and was on track to grow at a faster rate in the second quarter of 2016 than the first. While growth in US employment appeared to have slowed (as of June 15), in the Fed's view, the gradual recovery in housing appeared to be continuing. Business investment was flat and inflation was below the Fed's 2% long-term target. Overall, the Fed's economic assessment remains "data dependent" but it does expect a "gradual" increase in interest rates. The Fed's concerns about slowing US job growth may be eased by this Friday's strong job report. Internationally, Chinese and European Union PMI (Purchasing Managers' Index) survey data implied improvement for June, and producer prices in the European Union rose at the sharpest rate since August 2012. However, survey data for the UK in June implied softness, even before the outcome of the EU Referendum was known later in the month. Notes:
Federal Reserve Minutes:
https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20160615.pdf
US Jobs Report:
http://www.bls.gov/news.release/empsit.nr0.htm Disclaimer:
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