You can now add the financial industry to the growing list of businesses on the "fix-it" list maintained by the Obama administration.  Last Wednesday's announced overhaul of the securities industry, sweeping aside standards that had been in place since the Great Depression, would give FDIC-like powers to the Federal Reserve and create a new consumer protection agency.  After just 5 months in Washington, President Obama's team has already altered the landscape of the auto and health care industries, but last week's proposal may be the most significant yet (source: White House).   
 
The Fed will hold a 2-day meeting beginning tomorrow.  Although the stock and bond markets have no expectations of any immediate rate hike (from the current near-zero level of short-term rates), observers will be looking for clues relating to potential future action by the central bank.  The last time the Fed raised interest rates was 6/29/06 or almost 3 years ago (source: Federal Reserve). 
 
With just 7 trading days remaining in the 2nd quarter, Wall Street is looking for a late June surge that would keep the S&P 500 on its path to a 4th consecutive up-month.  The stock index has gained just +0.3% (total return) so far in June, this after a +25.8% gain in the 3 previous months (source: BTN Research).