Federal Reserve Chairman Jerome Powell, wearing a face mask, testifies before the House of Representatives Financial Services Committee during a hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020.
Tasos Katopodis | Reuters
This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
Markets idling in an uncommonly narrow range 26 hours ahead of the Fed statement, with the fiscal-package talks ongoing and two days before the big mega-tech earnings dump.
A few fast-moving macro trends also on pause: The dollar (weak but oversold) is flat; gold (strong but overbought) is up small after a fresh overnight high; semi and homebuilding stocks (both representing powerful longstanding market leadership) are easing back.