The dog days of summer are here, with another quiet week for the stock market. The path of least resistance appears to be higher as broad equities made anew record high on Monday. However, the price action was muted as hawkish comments from Fed members, which brought some profit-taking leading up to the Fed minutes, were offset with the lower-for-longer tone in the Fed’s minutes.
Part of the malaise may be due to the market's obsession with trying to predict the Fed's next move. We'll see what is said at the Fed Conference in Jackson Hole later this week. From our seats, it doesn't look like there are many compelling data points to support a rate hike, but the Fed's comments about future action might reveal their hand a bit.
Dodgers took over first place last weekend. Rams 2-0 in the preseason. USA dominated the medal count in Rio. Not a bad time to be a sports fan!