Last week, investors embraced positive economic data. July’s CPI was 2.9% compared to one year ago. Following the upbeat CPI report, the probability of the Fed cutting rates at their September meeting remained 100%. Strong retail sales and lower initial Jobless claims comforted investors after the disappointing jobs reported two weeks ago. Stocks posted their best week of the year, with the S&P 500 gaining 3.99%.
The real estate sector dominates the economic data released this week. Sales of both existing and new homes will look to rebound from a period of declining sales. The Federal Reserve Bank of Kansas City hosts dozens of central bankers, policymakers, academics and economists worldwide at its annual economic policy symposium in Jackson Hole, Wyoming. Friday, Fed Chair Jerome Powell will speak at the synopsis “Reassessing the Effectiveness and Transmission of Monetary Policy.” His comments about future monetary policy decisions will make headlines and potentially move markets.
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Regards,
David Bennett