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Aug 22 2016

This Week’s Market Moving Events

This week, leading bankers and financiers will gather at the annual Jackson Hole economic summit, and the world will be watching and listening as central bankers, including Janet Yellen, will be providing briefings and updates on the discussions. While the event is highly anticipated, it is unlikely to offer anything new or insightful – you could say that the entire summit has lost focus and credibility over the past few years as it is almost assured that any monetary policy decisions will be dovish and predictable. Over the weekend Fed vice-chair Stanley Fisher indicated that a rate hike in 2016 is still in the cards and that the US economy is approaching full employment and the Fed’s 2% inflation target. That might be technically true, but the data certainly also points to continued underperformance and challenges in labor markets as well as risks of deflation. Translation, maybe another ¼ point in December for show, but no real change in policy for some time.

 

This Week’s Market Moving Events:

 

Monday: Chicago Fed National Activity Index

Tuesday: New Home Sales, Redbook Report, Richmond Fed Manufacturing Index

Wednesday: Home Prices and Existing Home Sales, PMI Manufacturing Index

Thursday: Durable Goods Orders, Kansas City Fed Manufacturing Index

Friday: Q2 GDP revisions, Corporate Profits, Consumer Sentiment, Janet Yellen speaks from Jackson Hole