We’ve weathered the summer slump in financial markets this year, but early next week could be a bust, especially until the Jackson Hole festival begins.
Monday begins with a speech by Fed Chairman Waller at 9:15 a.m. ET, but that’s all for today.
Tuesday features speeches from Fed Chair Positek and Barr, but will be devoid of much else.
Wednesday will be no better, with only the weekly EIA crude oil inventories and the 20-year bond auction due. The highlight will be the FOMC minutes at 14:00 ET; we should see some dovish signals there.
Thursday is the day for the labor market recovery with jobless claims, S&P Global PMIs (composite, services, manufacturing), and existing home sales. Initial jobless claims are expected to come in at 229K, while existing home sales are expected to show a 0.4% decline. The Jackson Hole symposium also begins, with additional Fed interviews usually early in the morning in the US.
Friday wraps up the week with new home sales data, which is expected to show a 0.6% decline to 0.63 million. The main event will be a speech by Fed Chairman Powell at 10:00 a.m. ET from Jackson Hole. But with the Fed pricing in 75% versus 25bps, I don’t see any need to make a big fuss right now. Baker Hughes US oil rig count and CFTC stance complete the day.
The Jackson Hole Symposium continues through Saturday.
For more information, see the economic calendar.