"First is the liquidity and functioning of the financial markets," he said."Continued elevated levels and companies inability to tap the capital markets would give the Fed a red light."
" Next are financial conditions that signal recession. These include credit spreads blowing out and recessionary bear markets for stocks. Credit spreads are still giving the Fed a green light, while stocks are flashing yellow," Kalish added."Last is rising unemployment. Although the job market is still judged to be tight, fewer job openings and rising unemployment claims could soon flip this yellow.
On the data front, the Philadelphia Fed non-manufacturing survey for June will be released at around 8:30 a.m. ET, with existing home sales for May set to follow slightly later in the session.
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