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What to Watch: Spotlight on Jackson Hole Economic Summit

MARKET INSIGHT

Busy day ahead, Tsys weaker, near overnight lows last few hours, heavy volumes (TYU2>450k) tied to Sep/Dec rolls ahead next Wed's First Notice (Dec takes lead).
Main focus on Fed Chair Powell opening remarks at the KC Fed's annual Jackson Hole eco-summit at 1000ET, text but no Q&A. Link to the summit agenda

Chairman Powell's appearance will also be livestreamed: https://www.youtube.com/KansasCityFed

  • Additional Fed speak kicks off with Atlanta Fed Bostic on CNBC at 0830ET. Bloomberg TV has Harker at (0900ET), Bullard (0915ET), Bostic again (0915ET) and Mester (1130ET). Former NY Fed Pres. Dudley on Fox (0830ET) w/ Harker and Bostic expected to appear yet again later in the session.
  • Economic data kicks off at 0830ET:
    • Advance Goods Trade Balance (-$98.6B rev, -$98.5B)
    • Wholesale Inventories MoM (1.8%, 1.4%) Retail Inv MoM (2.0%, 1.2%)
    • Personal Income (0.6%, 0.6%); Personal Spending (1.1%, 0.5%)
    • PCE Deflator MoM (1.0%, 0.0%); YoY (6.8%, 6.4%)
    • PCE Core Deflator MoM (0.6%, 0.2%); YoY (4.8%, 4.7%)
    • U. of Mich. Sentiment (55.1, 55.4) at 1000ET
  • Geopol: CHINA: Air Force Spox-PLA Ready For War At Any Time; Not Aimed At Country/Region: China's state-run Global Times: "The PLA is accelerating air defense and anti-missile construction to stay ready for war at any time, but this is not aimed at any specific country or region: Shen Jinke, PLA Air Force spokesperson at PLA Air Force open day in Changchun."

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