The international economy is not doing as well we’ve got political uncertainty domestically, the bond market does move with the stock market meaning if equities get hit you will get a little bit of movement in the stock market. I think there is some trepidation now with the impeachment, if something does happen to Trump because he is pro-business.
I interpreted Powell’s testimony as somewhat dovish and expect a 25 basis point reduction in rates at the July 31 FOMC meeting.
The employment report exceeded expectations and casts some doubt on last month’s weak report.