*** Mid-late week event risk center on......>

US TSYS: *** Mid-late week event risk center on the minutes from July 31-Aug 1

FOMC meeting Wed at 1400ET, and annual economic symposium hosted by KC Fed in

Jackson Hole, Wyoming. The symposium kicks of Thu evening (event program will be

made available at 2000ET Thu) while Fed Chairman Powell is expected to

make opening remarks at 1000ET Fri. It's unlikely that Fed Chair Powell's speech

"Monetary Policy in a Changing Economy" will touch upon major policy changes

ahead the next FOMC meeting on Sep 25-26 (includes Summary of Economic

Projections and a press conf by the Chairman). Markets will be listening closely

for news on timing and/or pace of balance sheet run-off. 

- RBS/NatWest economists post Wed's minutes unlikely to "change the market's

conviction" of a another hike in Sep, but provide opportunity to discuss "yld

curve, neutral rate, appropriate policy framework". Re: Jackson Hole, RBS posits

the "hurdle is high for the Fed to raise rates beyond neutral (e.g., to do so

will require tangible evidence that inflation is overshooting meaningfully and

sustainably above the Fed's "symmetric" 2% inflation objective)" adding they "do

not foresee such an overshoot."