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Jackson Hole Speech Delivers
Jackson Hole Speech Delivers
Powell's Jackson Hole speech was this week's only big ticket in terms of market movement potential and it definitely delivered. We haven't heard from Powell since 2 days before infamous August 1st jobs report. His tone logically pivoted to place incrementally more focus on the Fed's full employment mandate while repeating that the base case is for tariff-driven inflation to be--well--transitory. Combine that with his reminder that policy rates are still in restrictive territory and the takeaway was a subtle but obvious openness to consider a September cut. Traders were surprisingly surprised by this, thus making for a decent little rally in bonds. Gains arrived swiftly and hung out uneventfully through the close.
We're All on Team Transitory Again
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Aug 25 | |||||
| 8:00AM | Jul Building Permits (ml) | Jul | 1.362M | 1.354M | 1.393M |
| 10:00AM | Jul New Home Sales (%) (%) | Jul | -0.6% | 0.6% | |
| 10:00AM | Jul New Home Sales (ml) | Jul | 0.652M | 0.63M | 0.627M |
| Tuesday, Aug 26 | |||||
| 8:30AM | Jul Durable goods (%) | Jul | -4% | -9.3% | |
| 8:30AM | Jul Core CapEx (%) | Jul | 0.3% | -0.7% | |
| 8:30AM | Fed Barkin Speech | ||||
| 9:00AM | Jun FHFA Home Price Index m/m (%) | Jun | 0% | -0.2% | |
| 9:00AM | Jun FHFA Home Prices y/y (%) | Jun | 2.8% | ||
| 9:00AM | Jun CaseShiller 20 mm nsa (%) | Jun | 0.4% | ||
| 9:00AM | Jun Case Shiller Home Prices-20 y/y (% ) | Jun | 2.2% | 2.8% | |
| 10:00AM | Aug CB Consumer Confidence (%) | Aug | 96.4 | 97.2 | |
| 1:00PM | 2-Yr Note Auction (bl) | 69 | |||
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