Stocks and Bonds are rebounding as oil moves lower breaking under $74 a barrel.

Lets break down yesterdays Fed meeting.

• Warsh was impressive and commanded the room
• Instilled confidence and made changes
• Short statement left rates unchanged
• 2% inflation target, but what measure are they using
• Fed more hawkish
• Dots Plots going away.

Overall the meeting as impressive, but the markets had a negative reaction, likely focusing to much on the outdated an unreliable Dots Plot.

Today the markets are responding positively.

Pending home sales up 3.8% in May. this is a huge number.

Rent prices holding steady with a modest increase of 1.4% year over year.

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