(Bloomberg) -- All eyes will turn to the mountains of Wyoming in this week for the Federal Reserve’s Jackson Hole symposium, your best chance every year to...
-- All eyes will turn to the mountains of Wyoming in this week for the Federal Reserve’s Jackson Hole symposium, your best chance every year to see a Nobel Prize-winning economist in a cowboy hat.The highlight will come Friday, when Fed Chair Jerome Powell speaks about the economic outlook in a keynote address at 10 a.m. New York time.
On Wednesday, the Bureau of Labor Statistics is slated to release its preliminary benchmark revision estimate for payrolls in the year through March. The final figures are due early next year.Further north, Canadian inflation data for July will be important to keeping the central bank on track to deliver a third straight rate cut in September.
On Tuesday, the Reserve Bank of Australia releases minutes from this month’s meeting as economists look for signs of any softening in the RBA’s hawkish rhetoric, and the Bank of Korea is expected to hold its benchmark rate at 3.5% to ward off a rise in household debt. Thailand and Indonesia are also predicted keep borrowing costs unchanged.
In situation in the UK — which just saw bumper numbers for second-quarter GDP — is much rosier, and PMI numbers there are likely to be upbeat. On Wednesday, the Iceland is set to keep borrowing costs on hold at 9.25%, the highest rate in western Europe. Market participants expect monetary easing to start in the final quarter of the year, according to a survey by the central bank published Friday.
In Mexico, almost two years of double-digit interest rates are cooling domestic demand, and can be expected to weigh on the June retail sales, GDP-proxy and full second-quarter output results posted this week. Economists in Citi’s biweekly survey see full-2024 GDP growth slowing for a third year to 1.7%.
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