U.S Indices closed higher as the Federal Reserve kept rates steady, but said it is committed to doing whatever it takes to meet its dual mandate of maximum Employment and stable prices. It also pledged to continue Asset Purchases “at least” at the current pace. In his press conference, Fed chair Jerome Powell said the Fed will do whatever necessary to help the economy rebound as quickly as possible. Pending Home Sales surged in June and topped estimates, in yet another show of strength for the housing market. National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci said it would be “reasonable” to expect a safe and effective Coronavirus vaccine by December. Moderna’s COVID-19 vaccine candidate protected 16 monkeys against the virus, according to an abstract released in the New England Journal of Medicine. As expected, Republicans and Democrats may be closer on a stimulus agreement than public comments indicate especially as the Congress closes next Friday for the Summer Recess. European Indices closed mixed after European Central Bank Governing Council Member Yannis Stournaras said the central bank is unlikely to end its pandemic emergency plan until inflation rallies, implying it will be around for some time. In other news, Spanish Retail Sales data for June declined at a much slower pace than May’s data, indicating the country’s economy may be turning the corner. Elsewhere, the US Dollar closed 0.3% lower while Gold continued its recent rally to close 0.5% higher at $1967.
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