Jackson Hole: The Sequel

August 22, 2023 • Estimated Reading Time: 4 minutes

Macro Markets

The eyes of investors worldwide will be watching Wyoming this week as the Federal Reserve’s annual Jackson Hole retreat kicks off on Thursday, August 24, and runs through Saturday, August 26.

The US central bank just published minutes of its July policy meeting, and the record showed that, at the time, most Fed officials saw upside risk to inflation, which in turn may require even more tightening. On the other hand, two also favored steady holding rates, marking the first real hint of disagreement over the way forward we’ve seen in quite some time.

We expect Powell to strike a more balanced tone in Wyoming, hinting at the tightening cycle’s end while underscoring the need to hold interest rates higher for longer.

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.

Further North, retail sales for June are likely to show Canadians are winding down their spending in the face of higher rates, but any continued consumer strength will be a concern for the Bank of Canada.

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