Fed President John Williams: “There is no need for urgency, and the Fed has time to gather more information.”

Translation: A rate hike is unlikely.

Personal Consumption Expenditures (PCE) came in at 0.3% last month, one-tenth lighter than expected. Year-over-year, it dropped from 3.7% to 3.4% headed in the right direction at this point.

Q2 GDP came in at 2.2%, versus the 1.5% expected.

The ADP Employment Report showed 90,000 jobs created, versus 70,000 expected.

Mortgage applications were down, as expected, with rates still on the rise. Refinances made up 38% of transactions, with most being cash-out.

That’s a bit of a worrying sign. With rates as high as they are, and over one-third of applications being cash-out refinances, something is up. Time will tell.

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