Stocks held their ground, rising modestly for the week, on relief that the U.S. would not levy tariffs on Mexican imports.  Tariff/trade disputes continue with China, however.

Inflation ran at 1.8% in May.  Gold rose, material stocks had a great week, and oil got a bounce on news of tanker attacks in the Gulf of Oman (where the U.S. blamed Iran).

The Fed-Funds Futures is pricing only a 25.8% chance of a rate cut this Wednesday, but a 86.4% chance at the July 30-31 FOMC meeting.  And three 25-basis point cuts are predicted by year end.


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