The Weekly Economic & Market Recap
During this week’s semiannual monetary policy testimony, Fed Chair Powell strongly suggested that the Federal Reserve was ready to pull the trigger on a rate cut at their July 30-31 meeting unless economic data showed improvement. The fixed income market is fully pricing in a rate cut. Equity markets responded with a rally to new highs, and the S&P 500 broke through the 3000 level for the first time. Assuming the Fed does cut rates, it will mark the most significant and rapid shift in central bank policy without the impact of a major exogenous event (i.e., war).
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Beginning with the 2017 tax year, a new veteran’s exemption in the amount of $3,000 was made available to qualifying taxpayers in New Jersey.