There was an abundance of news and activity in the markets this week, but it was all a sideshow to the FOMC meeting and angst over the June 23rd Brexit vote. Wednesday's Fed statement reduced estimates for economic growth and extended the timeline further tightening.
Not to be outdone, Fed Governor Bullard performed a 180 pirouette on his previously hawkish position that would have made Misty Copeland proud, now seeing the need for only one hike year-end of 2018. And while we in the colonies dealt with the annoyance of such mundane issues, our former overlords in Britain and the rest of the EU faced markets that had declined 5 to10 percent month-to-date as banks got slaughtered amidst more balanced polling results between Bremain and Brexit.
Outflows from EU funds continued for the 18th straight week, the longest streak since February 2008.