This is a week for Senate votes and corporate earnings, for consideration of European debt issues and banking regulations, for reports from the Fed and reports on inflation. Following America’s new-found flirtation and the rest of the world’s obsession with what those foreigners rightly call football, the midpoint of the baseball season is marked with the All-Star game on July 13. Will corporate America participate in the home-run derby? Stay tuned.
Beginning the week, Congress returns from its July 4 recess with the Senate reconvening for what it quaintly calls a morning session at 2:00 P.M. on July 12. The chamber is expected to approve the Dodd/Frank landmark financial reform legislation on July 13, with President Obama signing the bill forthwith. The horse-trading and vote-switching appears to be over. Finally.
On Tuesday, the 13th, Greece is expected to hold the first auction of sovereign debt since other Euro-zone nations cobbled together a bailout plan for that nation’s tottering finances in May. Back home, the Census Bureau releases the U.S. trade deficit numbers for May, along with the Federal budget deficit for June.