Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
There is plenty of data for financial markets to focus on Friday, but undoubtedly the highlight of the day will be Fed Chair Jay Powell's speech to the Kansas City Fed Jackson Hole symposium.
Italian, French consumer confidence data seen lower as infections rise (0900BST)
Friday sees France and Italy release their August consumer confidence data for August, with both expected to see a modest decline as sentiment dips as the Delta variant picks up across the continent. French data is seen slipping to 100 from 101 in July, with Italy consumer confidence expected to slip to 116.3 from 116.6 previously. Italian business confidence is expected to fall to 115.0 from 115.7.
U.S. personal income seen lower in July (1330BST)
Incomes in July likely dropped off as many states ended federal pandemic unemployment insurance programs in late June, though that should be partially offset by wage increases through the month as labor remained in short supply. Personal income is set to increase 0.1%, according to Bloomberg, the same as June. Higher wages and price pressures on goods like gasoline and services in high demand kept PCE inflation elevated through July, with Bloomberg forecasting an increase of 0.4% m/m and 4.1% y/y. Core PCE inflation is set to grow 0.3% m/m and 3.6% y/y.
Powell set for Jackson Hole centre stage (1500BST)
As noted Friday, Fed Chair Jay Powell is set to deliver a speech via webcast on the economic outlook Friday at 10 ET. His remarks will be closely watched for any hints on QE taper timing and how the surge in delta variant cases is shaping the Fed's forecasts.
Minutes of the July FOMC meeting said most officials supported starting the taper this year if the economy performs as expected, explored more deeply in MNI's preview of the Jackson Hole symposium.. The topic of the annual academic conference is ""Macroeconomic Policy in an Uneven Economy" and a detailed schedule is typically released the evening before.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.