It was fast trading back and forth in the first couple hours of the day. Markets opened down, but quickly ticked up after Fed Chairman, Jerome Powell, said that the Fed is committed to sustaining the economic expansion. The Fed’s primary objective is to monitor inflation and unemployment, and with those numbers currently in line, there is not a reason to reduce rates. However, if the Fed deems that trade and foreign deflation start to create a recession here, the Fed would adjust rates accordingly. This seemed to appease investors and the markets went positive. Shortly after that, President Trump tweeted, and ordered American companies to immediately start looking for alternatives to China, including bringing the jobs back home. Trump is definitely making a stand against the theft of intellectual property and unfair business practices, which should be good for companies in the long run even if they feel the pain right now. The Dow immediately sold off 400 points, erasing the week’s gains, and continued to stay down the rest of the day. It finally closed down 623 points at 25,628.
Boeing stock has started to move up over the last couple days. They have been recently hiring temp workers at the Grant County International Airport as they expect to be able to begin delivering 737 MAX jets during Q4. Boeing was up today, even with all the selling, and was up about 10% for the week.
The scouts took a hike up to Frundenhutte. They reached 8,400 and saw some amazing views. Along the way they met a new friend, a Steinbach, which looks like a goat-ram-thing. I’d never even heard of that, so Bill sent a picture. Check out the latest photos on the Greystone Faceplant page!