Quick Overview

• U.S. Workers’ productivity grew at a 2.2% annual rate in the second quarter, the Labor Department reported Tuesday.
  
  

• Inventories at U.S. wholesalers rose 0.7% in June, the Commerce Department said Tuesday. It was the 17th straight rise in stockpiles.
  
  

• The Federal Reserve increased the federal funds rate from 3.25% to 3.50%. The Fed sees 3.50% as still accommodative and they will continue to increase rates at a pace that is "measured."
  

• Fannie Mae said Tuesday that it likely will not complete the reworking of its accounting, ordered by federal regulators, before the second half of next year.
  

• Brazil's currency on Tuesday closed below 2.300 per dollar for the first time in over three years while stocks climbed to a five-month high.
  

• Reuters news reported that second quarter earnings for the S&P 500 companies are up 14% from a year ago, better than expected. So far, 86% of the companies have turned in their second quarter results and 78% of them have been better than expected.
  

• Canada's housing starts were at an annual rate of 242,300 units in July, up 0.4%.