Today – and likely for the entire week – the most important event will be Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming.
Markets expect Powell to emphasize a data-dependent approach, avoiding explicit signals regarding the September decision. After hawkish Fed remarks and stronger PMI data, investors have lowered the probability of a 25 bp September cut to 73.3%. On the other hand, Goldman Sachs expects Powell to sound dovish, paving the way for three rate cuts starting in September.
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Detailed calendar of the day:
01:30 PM BST, Canada - Retail Sales Data for June:
- Retail Sales: previous -1.1% MoM;
- Retail Sales: forecast 1.3% MoM; previous -1.1% MoM;
01:30 PM BST, Canada - Manufacturing Sales for July:
- previous 0.3% MoM;
01:30 PM BST, Canada - Retail Sales Data for June:
- Core Retail Sales: forecast 0.9% MoM; previous -0.2% MoM;
03:00 PM BST, United States - Fed Chair Powell Speaks
05:00 PM BST, United States - U.S. President Trump Speaks
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