ADP and Fed Leading Today’s Calendar
Today’s most notable events, that investors are looking forward to, are Fed’s rate announcement and ADP data. Fed is likely to stand pat, holding the federal funds rate at 1.75-2.00%. The debate on the change in the “forward guidance” which had been indicating that “the stance of monetary policy remains accommodative” remains intact and another hike is likely to be implemented later this year. No press conference will follow the statement. As of the labor data, the ADP non-farm employment for July is expected to mark 185,000 jobs. The numbers are likely to once again indicate a solid job growth.