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Investing.com – The FOMC took a lot of uncertainty out of the stock market today, not only keeping rates steady but telegraphing its intention enough for a rate cut to be fully priced in for next month. Fed funds futures now indicate a 100% chance that rates will be a quarter-point lower in July, according to Investing.com’s tool with at least another rate cut after that.

In addition, Fed Chairman Jerome Powell stressed he intends to serve out his full four-year term, critical tweets from President Donald Trump notwithstanding. Now, what to focus on? Apart from any comments on trade from either Washington or Beijing, investors will be looking for rate decisions across the pond. And let’s not forget about actual stocks in the stock market with some earnings on tap.

Her are the top 3 things that could rock markets tomorrow.

1. Initial Jobless Claims, Philly Fed Activity Expected to Fall

The Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended June 15 . Economists forecast that to decline to 220,000 from 222,000 previously.

The Philadelphia Federal Reserve at 8:30 AM ET (12:30 GMT) will release its measure of manufacturing activity in the region. The is expected to fall to a reading of 10.6, from 16.6 last month, as manufacturing activity has been under pressure from the ongoing U.S.-China trade fight.

2. Bank of England to Pour Cold Water on Rate Hikes

The Bank of England is widely expected to leave rates on Wednesday, as Brexit uncertainty continues to dominate the economic agenda, leaving the central bank with little room to maneuver.

Against the backdrop of the likely appointment of Boris Johnson as Prime Minister, analysts are baking in a bigger chance the U.K. will leave the European Union without a deal. This threat could force the Bank of England to kick the rate-hike can further down road, despite calls for hawkish policy action from some members of the bank amid an uptick in wage growth and low unemployment.

“We no longer see a Bank Rate hike in August or indeed this year as likely, as no-deal could become a bigger risk quickly, with the dovish wind blowing through global monetary policy,” Citigroup said.

3. Kroger’s Earnings on Tap

Grocery chain Kroger is set to report quarterly results on Thursday before U.S. markets open. Kroger Company (NYSE:) is expected to report fiscal first-quarter earnings of $0.71 a share on revenue of $37.27 billion, with same-store-sales seen growing 1.7% As well as earnings, margins are expected to be closely watched amid rising competition and higher costs.

Kroger has been ramping up investments in its stores and digital business to better compete with Amazon. Kroger shares are down 14% this year and were battered after a surprisingly disappointing fiscal-fourth-quarter report in March.

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