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Posted by Phil Flynn - The PRICE Futures Group

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Screen Shot 2015-07-09 at 8.36.22 AM

Screen Shot 2015-07-09 at 8.36.22 AMIt looks like the Federal Open Market Committee, in the Fed minutes, may have to change its target on raising rates as the global economic story continues to change minute by minute.

The Fed, while saying that outlook for the rate hike still looked good, is possibly worried about China and Greece concerns that may cause the Fed to rethink that target. The concern is that plunging commodity prices may start to cement in a deflationary mood to the market. Also, it’s possible a rate-hike in the United States may cause even more harm to those Euro zone markets. Also, we could harm our markets–a possible capital flight could raise the dollar to dangerous levels. 

Despite the turmoil in China, and Europe economic data out of Japan and Germany and an artificial rally in the Shanghai composite is giving crude oil some hope.

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