Author: Zac Martin, Investment Associate
Week Ending August 23rd – Mountain Time
- Fed Chair, Jerome Powell, spoke at the 2024 Jackson Hole Economic Policy Symposium. Powell used this moment to confirm market suspicions: “The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
- FOMC Meeting Minutes for the July meeting mentioned light concerns that the Fed has around unemployment. Several members noted the success of policy so far towards the two percent inflation goal, leaving the door open for rate cuts at the next meeting.
- Leading Economic Indicator declined by 0.6%, the weakness was due to a drop in new orders, persistently weak consumer expectations, softer PMIs and a decrease in hours worked in manufacturing.
The week ahead:
- Consumer Confidence (8/27)
- GDP, Second Preliminary (8/29)
- Personal Consumption Expenditure (8/30)
- Earnings: NVDA, CRWD, CRM (8/28), SHW, BR.B, ULTA, LULU (8/29)
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