What's on the economic calendar
The bottom of the hour features a critical report on US inflation. The PCE data is the Fed's preferred measure of inflation and if there is an uptick, we might start to see more signals about a hike before year end. Watch core PCE, which is expected up 1.4% y/y.
Along with inflation, the report features personal income and spending. Those a great metrics on the health of the consumer.
Further north, Canada is out with July monthly GDP. The consensus is for a 0.1% m/m rise but Poloz was tepid in his comments this week. Maybe he knows it will be weak? Even one bad month will hardly put a dent in the y/y reading, which was +4.3% through June but expected to dip to 3.9%.
Later, the Chicago PMI is due along with the final U Mich consumer sentiment revisions and a speech from the Fed's Harker.
For more, check the economic calendar.
