The Federal Reserve provided no surprise on the interest rate front as the Federal Open Market Committee left the fed funds rate unchanged at 2.00% as expected. However, the Fed noted that downside economic growth risks remain, while saying that "upside risks of inflation are also of significant concern." Details from Bloomberg...
The ISM Non-Manufacturing Index rose from 48.2 in June to 49.5 in July, a little above the estimate of 48.8 but just below 50 – the line between expansion and contraction. Pricing pressures last month moderated slightly from 84.5 to 80.8 but still remain at an elevated level. More from Bloomberg...
