It’s late August, which means we’re headed to Jackson Hole for the Kansas City Fed’s annual symposium, attended by top central bankers from around the world. And as usual, everyone is wondering in particular just what Fed Chair Jerome Powell — who’s expected to speak Friday morning — might have to say.
The US central bank just published minutes of its July policy meeting, and the record showed that, at the time, most Fed officials saw significant upside risk to inflation, which in turn may require even more tightening. On the other hand, two also favored holding rates steady, marking the first real hint of disagreement over the way forward that we’ve seen in quite some time.
Click here for what happened last week and below is our wrap of what’s coming up in the global economy.Beyond Jackson Hole, the US economic data calendar is light and includes reports on previously owned home sales, new-home purchases and orders for durable goods. In the UK, public finances figures due on Tuesday are likely to show the budget deficit well above last year’s levels but below the forecasts of the Office for Budget Responsibility. Higher tax revenues resulting from slightly stronger than expected economic growth have given Chancellor Jeremy Hunt a bit of room to maneuver.
Almost two dozen Global South nations have formally requested to join and a similar number have submitted informal requests. An enlarged BRICS with aspiring members such as Indonesia and Saudi Arabia added could generate about half of global output by 2040, Bloomberg Economics estimates show, bolstering the alliance’s global clout.
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