Wall Street Begins to Question Fed’s Narrative – Ep. 88

* Dow under pressure on the back of EU talks with Greece
* There is a lot of room for the market to decline pending the Fed's announcements
* The consensus is that rates will hike September or later
* If Fed does not rates in September, Election year next year might also put off rate hikes
* Bloomberg article quotes B of A hinting that additional stimulus would further damage the economy
* B of A admits this risk has been getting the least amount of attention
* Empire State Manufacturing Index missed 5.9 forecast - came in at -1.98
* May Industrial Production expected +.2 - came in at -.2
* Capacity Utilization dropped 78.3 to 78.1
* Manufacturing down .2
* Industrial Production has been negative for 4 of the last 6 months
* Currency markets still believe Fed will raise rates
* Consumer spending was up in May because of rise in gas prices
* Weekly Jobless claims saw a slight uptick - exceeded forecast
* Bloomberg Consumer Comfort Index continues to decline
* Listener's Questions, Peter's Answers to resume on this podcast
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