July 31, 2025

By Nigam Arora

This post was published yesterday in The Arora Report paid feeds as an Afternoon Capsule.

To gain an edge, this is what you need to know now.

Two Fed Governors Dissent

Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

• The chart shows when the FOMC interest rate decision was announced.  The FOMC has left interest rates unchanged, as expected.
• The chart shows when Fed Chair Powell’s press conference started.
• The Arora call has materialized – in the Morning Capsule, we shared with you:

Powell may not succeed in getting a unanimous decision this time.