Today, the Federal Open Market Committee (FOMC) meeting took place.  It is the second meeting with Kevin Warsh as its new chairman.  The members voted 9 to 3 to leave the federal funds rate unchanged in the 3.50% to 3.75% range.  The 3 dissenters, who were in favor of a 0.25% interest rate hike, were Beth Hammack, president of the Federal Reserve Bank of Cleveland; Neel Kashkari, president of the Minneapolis Fed; and Lorie Logan, president of the Dallas Fed.

A month ago, 59% of Wall Street traders expected a rate increase to happen this coming September.  Now, 76% of traders foresee a rate hike at September’s Fed meeting.

In the previous four meetings this year, on Jan. 28, Mar. 18, Apr. 29 and June 17, rates remained unchanged.  Back in the Fall of 2025, there were three 0.25% rate cuts in a row.  These cuts were on Dec. 10, Oct. 29 and Sep. 17.  The next Fed meeting is scheduled to begin on Sep. 15.

Today is Tisha B’Av or the 9th of Av, which actually began at sunset last evening.  It is a day of mourning to commemorate the many tragedies that have befallen the Jewish people in the past, including the Holy Temples in Jerusalem.  It is considered to be the saddest day on the Jewish calendar.

       
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July 4 does not take place on a Saturday very often, but it does this year.  The last time that happened was in 2020.  It reminds me of a line from one of my favorite songs, by the group Chicago, from 1972:  “Saturday in the Park, I think it was the 4th of July.”  For those people unable to congregate in a big park this year, I’ll include a video of it here:

If it displays a “Video unavailable” message, click on this link instead to view the video on YouTube: