Aug 23
The German economy continues to grow strongly in August despite further constraints on manufacturing production
Business activity across Germany’s private sector continued to grow strongly in August, latest flash PMI® data from IHS Markit showed, albeit with the rate of expansion easing slightly from that seen in July. The survey meanwhile indicated an ongoing rapid recovery in employment levels, supported by increasing demand and strong business confidence towards the outlook.
Aug 24
RBNZ’s Hawkesby: Postponed Raising Interest Rates Due To Communication Difficulties (New Zealand)
RBNZ’S HAWKESBY: THE RESERVE BANK OF NEW ZEALAND POSTPONED RAISING INTEREST RATES DUE TO COMMUNICATION DIFFICULTIES RATHER THAN RISKS
US: Durable Goods Orders decline by 0.1% in July vs. -0.3% expected (USA)
Durable Goods Orders in the United States declined 0.1%, or $0.4 billion, to $257.2 billion in July, the data published by the US Census Bureau revealed on Wednesday. This reading came in slightly better than the market expectation for a decrease of 0.3% and followed June’s 0.8% expansion. “Excluding transportation, new orders increased 0.7%,” the publication further read.
Aug 25
Crude Inventory Data Shows Draw of 3 Million Barrels (USA)
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending August 20, 2021 which was 66,000 barrels per day more than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 193,000 barrels per day from the previous week.
Aug 26
Fed’s Bullard: we’re getting more inflation than expected
Fed’s Bullard: we’re getting more inflation than expected
Aug 27
Fed’s Mester: Comfortable US Is Basically There On Further Progress – CNBC
FED’S MESTER: IT’S NOW A MATTER OF ARTICULATING THE POLICY POSITION ON TAPERING.
Bullard: possible we’re moving into a high growth regime, could lead to higher interest rates than we otherwise would have
BULLARD SAYS IT’S POSSIBLE WE’RE MOVING INTO A HIGH PRODUCTIVITY GROWTH REGIME THAT COULD LEAD TO HIGHER INTEREST RATES THAN WE OTHERWISE WOULD HAVE SEEN
Powell: Monetary Policy in the Time of Covid
Seventeen months have passed since the U.S. economy faced the full force of the COVID-19 pandemic. This shock led to an immediate and unprecedented decline as large parts of the economy were shuttered to contain the spread of the disease. The path of recovery has been a difficult one, and a good place to begin is by thanking those on the front line fighting the pandemic: the essential workers who kept the economy going, those who have cared for others in need, and those in medical research, business, and government, who came together to discover, produce, and widely distribute effective vaccines in record time.
UPCOMING EVENT
Aug 30
Pending Home Sales m/m
Aug 31
- Manufacturing PMI
- GDP m/m
- Chicago PMI
- CB Consumer Confidence
Sep 1
- GDP q/q (Australia)
- OPEC Meetings (Global)
- OPEC-JMMC Meetings (Global)
- ADP Non-Farm Employment Change (USA)
- ISM Manufacturing PMI (USA)
Sep 2
- Spanish Unemployment Change (EUR)
- Unemployment Claims (USA)
- FOMC Member Bostic Speaks (USA)
Sep 3
- Average Hourly Earnings m/m (USA)
- Non-Farm Employment Change (USA)
- Unemployment Rate (USA)
- ISM Services PMI (USA)
