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Still a Resilient Day Despite Afternoon Weakness
Still a Resilient Day Despite Afternoon Weakness
The day's most notable development, by far, was the speech from Fed Governor Waller in which he said the Fed probably didn't need to hike at the upcoming meeting (depending on data, of course). Fed Funds Futures reacted immediately and mostly held those gains all day. The longer end of the curve ended up giving back most of the initial gains, albeit very gradually. The net effect is that we're still in "wait and see" mode--but a slightly less painful version--ahead of Friday's jobs report and next week's inflation data.
Still a Resilient Day Despite Afternoon Weakness
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Sep 03 | |||||
| 5:30AM | Aug Challenger layoffs (k) | Aug | 52.881K | 33.429K | |
| 8:30AM | Aug/22 Continued Claims (k) | Aug/22 | 1779K | 1778K | |
| 8:30AM | Q2 Unit Labour Costs QoQ Final | Q2 | 1.2% | 1.3% | 1.3% |
| 8:30AM | Aug/29 Jobless Claims (k) | Aug/29 | 206K | 205K | 203K |
| 8:30AM | Jul Trade Gap (bl) | Jul | $-88.6B | $-90B | $-73.3B |
| 8:30AM | Fed Waller Speech | ||||
| 9:45AM | Aug S&P Global Composite PMI | Aug | 56.0 | 56.0 | 54.5 |
| 9:45AM | Aug S&P Global Services PMI | Aug | 56.5 | 56.8 | 54.6 |
| 10:00AM | Aug ISM Services Prices | Aug | 72.6 | 70.3 | |
| 10:00AM | Aug ISM Biz Activity | Aug | 61.7 | 59.1 | |
| 10:00AM | Aug ISM Services Employment | Aug | 47.8 | 47.4 | |
| 10:00AM | Aug ISM N-Mfg PMI | Aug | 55.4 | 54.3 | 54.1 |
| 10:00AM | Aug ISM Services New Orders | Aug | 60.9 | 57.2 | |
| 3:00PM | Fed Hammack Speech | ||||
| Friday, Sep 04 | |||||
| 8:30AM | Aug Average earnings mm (%) | Aug | 0.3% | 0.1% | |
| 8:30AM | Aug Non Farm Payrolls (k) | Aug | 56K | -23K | |
| 8:30AM | Aug Unemployment rate mm (%) | Aug | 4.1% | 4.1% | |
| 8:30AM | Aug Participation Rate | Aug | 61.4% | ||
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