Federal Reserve Chair Powell is speaking later this week at the Kansas Fed’s Jackson Hole symposium.
Goldman Sachs is not expecting a lot from Powell at Jackson Hole, saying any signals will most likely be held back until after the July PCE inflation and the nonfarm payrolls report that follow next week:
- July PCE inflation is due Thursday 31 August
- Nonfarm payrolls on Friday September 1
“the Fed will likely wait to be informed by these new data before changing their current posture”.
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This is really bad … markets are going to spend the whole week waiting for Powell to move his lips and then shrug it all off with ‘never mind, wait for the data next week’.