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Editor's Note: Below is a brief excerpt from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.

As we close out Q2 of 2019, a Quad 3 in Q2 week it was. I know, I know… lots of people would prefer if we don’t do the Quad 4 in Q3 summer-thing. I guess a credible market case is being made that the Fed can eliminate that type of economic gravity.

What does a successful Quad 3 rate-cutting Fed look like in macro market terms?

  1. Down Dollar
  2. Down Rates
  3. Up Oil, Commodities, and “Stocks”

Unlike in May (and during Quad 4 in Q4 of 2018), that’s what we had last week with markets pricing in a 100% probability of a PE Powell summer-time rate cut in July.

CHART OF THE DAY: Can The Fed Eliminate Economic Gravity? - Chart of the Day 6 24 19

CHART OF THE DAY: Can The Fed Eliminate Economic Gravity? - early look