Morning Economic Report 6-19-25

The usual insults from Trump, 'too late Powell' and 'stupid' was seen before the FED unchanged decision which was all but nailed on. Powell's press conference saw the usual wait and see approach; the path was unclear and said policy was "modestly restrictive" because a cost shock was coming. The market is still pricing in 2 small FED reductions in 2025. In Europe Swiss National Bank and Norges Bank both cut by 25-basis points with the Bank of England expected to hold pat. FT reports EU is mulling UK style trade agreement with US. Risk is still cowed, not only because of FED but Trump's saying he has not decided what to do on Iran. DAX -0.48%, CAC -0.67%, FTSE +0.01%, Euro STOXX600 -0.35%. With SNB, Norge cuts and slightly hawkish Powell, the USD is firmer, DXY 98.94. Gold 3371. BTC $104,989.