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NatWest Mkts economists Kevin.......>

US DATA PREVIEW: NatWest Mkts economists Kevin Cummins and Michelle Girard said
it's a "light" US econ calendar in this "holiday-shortened workweek" but "more
attention than usual may be paid to the wkly indicators (e.g. initial
unemployment claims, chain store sales, the consumer comfort measure), where the
first impact from Hurricane Harvey might begin to be seen. Indeed, the hurricane
may distort many of the statistics to be reported in coming months, making it
difficult to assess the economy's true underlying growth trend."
- But they add, "given that we do not expect the Fed to seriously consider a
rate hike until December (by which time much of the impact may have washed out),
we do not believe this alters the outlook for policy action. In any case, the
ISM non-manufacturing survey for August will be released this week and, similar
to its factory counterpart, is expected to show the economy was on solid footing
before Harvey hit. In addition, market participants will hear from a slew of Fed
officials who will be speaking on the economic outlook and monetary policy,
including Fed Governor Brainard (Tuesday) and New York Fed President Dudley

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