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News and Insights » Market Review, Week Ending July 28, 2017

Market Review - July 28, 2017

On Wednesday, The Federal Reserve Open Market Committee (FOMC) announced that the labor market and economic activity is continuing its moderately upward trend and will maintain the federal funds rate at the current target of 1% to 1.25%. The other large announcement for the week is that the “Trumpcare” proposal did not receive enough votes from the senate to repeal and replace Obamacare. Economists are hopeful that corporate tax reform now becomes the focus of the U.S. Congress.  Many are hopeful that a tax reform would be a positive boost for the economy.

WTI Crude Oil had its strongest week of the year, up 8.6%, on the heels of the news that Russia and Saudi Arabia have plans for production cuts.

Looking forward to the coming week, economists will continue to wade through corporate earnings releases. Thus far, nearly 80% of the companies that have released their Q2 earnings, have beat expectations.  

July 31st, 2017 @ 12:00am by UMAFS
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