FOMC Minutes

Since yesterday was a holiday, July 4th, a lot of economic data is loaded into Thursday and Friday.  The bid data point Friday will be the monthly jobs number that comes out before the market’s open. It could move the markets a lot.

Thursday early data were the PMI and ISM Services reports, which were better than expected.  The afternoon report is the latest news from the Fed, or more specifically, what they actually said in the last meeting: the FOMC Minutes.

The main statements hitting the wire are below, and they sound rather hawkish.

FOMC: A few participants raised the concern that fiscal policy is not currently on a sustainable path.

FOMC: Many participants saw potential downside risks to economic growth and inflation associated with political and economic developments in Europe and some EMEs

FOMC: Most Officials See Intensified Risks Surrounding Trade Policy- Many Biz. Contacts Concerned By Trade War Risks

As I write this, the SP500 has dropped -12.00 points in a straight line off its afternoon high and the Dow dropped -130 points at the same time.

Is this the beginning of something bigger, or just an anomaly?