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All eyes were on Fed chair Jay Powell on the last day of the month to see if the Fed will decide to unexpectedly cut interest rates in July or signal a potential cut in September. The following line in the FOMC statement reassured market participants that a September cut is very likely and the S&P 500 rallied 1.58% to eke out a 1.1% gain for the month of July:
“The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.”