Next week the Fed’s long anticipated July meeting of the Federal Open Markets Committee (FOMC) occurs on Tuesday and Wednesday.  At the conclusion of the meetings Fed Chair Powell will meet the press at 2:30pm on Wednesday.  These briefings can be market-moving events and immediately follow the announcement of the Fed’s rate decision.

With Washington taking an August break the FOMC will not meet again until September 20-21.

Congress

Congress plans to leave DC for its August break no later than Friday, August 4 and there are two high priorities they’d like to complete in the next two weeks.

The first is the so-called CHIPS Act which would pour billions of dollars into the domestic production of semiconductors.  The centerpiece of the legislation is $52B in tax credits for construction of US plants.  The bill must first pass the Senate and then go to the House.  On the first test vote in the Senate this past week the vote was 64 to 34 demonstrating there was more than enough Republican support to overcome any filibuster.   

The next test vote will be early next week and the hope is to give final Senate approval in time for the House to approve the bill prior to their departure for the August break.

The other high priority ...
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