Fed’s median dot plot projection in June was for no rate cuts this year and 1 in 2020.

1) S&P 500 up 19.5% YTD, best start to a year since 1997. 2) Unemployment Rate at 3.6%, lowest since 1969. 3) 104 Straight Months of Job Growth, longest in history. 4) US Economic Expansion becomes the longest in history this month. 5) Fed is expected to cut rates in 4 weeks.