European Central Bank President Mario Draghi had a particularly interesting speech in which he mentioned that his institution is ready to act, stating, “We stand ready to adjust our policy stance further.”
Typically, such moments in time tend to signal turning points for stock indices. That could be good news for optimists, accustomed to buying the dip of this voracious bull market, even if it does call for a little near-term disappointment.
The question of when to raise borrowing costs will likely be addressed on Wednesday when the FOMC makes its latest policy statement. And of course the major economic news of the week will be the release of nonfarm payrolls for July due on Friday morning.