Yesterday, was a mixed session with markets taking the flurry of trade headlines in stride. For all intents and purposes the deadline is now pushed out to August 1st which President Trump insists is now set in stone. Another round of letters has started to go out to smaller trading partners again today. Investors are keenly waiting to see if a deal with India or the EU is announced or if they get a tardy slip as well. The extension of trade negotiations adds some more time to the waiting game for both businesses and the Federal Reserve (purgatory just got longer). On the latter this adds another layer of complexity for Fed Chair Powell, who is under a constant barrage from the administration, as the odds for a September rate cut have moved lower. This afternoon the minutes from the FOMC’s June meeting will be released and could shed some more light on how wide the divide is on the Committee.

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