What's coming up?
It's Friday tomorrow but there isn't much reason to get excited about the economic calendar. The University of Michigan's consumer sentiment survey is coming up but it's rarely a market mover these days because of a spotty ability to track consumer spending.
The part of the survey that will be of interest to market participants are the measures of 1-year and 5-10 year inflation. The levels of those are less-important than the direction of the trend. One-year inflation has been moving up but if it crests -- like CPI -- the market will feel a bit better about tail risks around rapid Fed hikes.
Next week, on Tuesday, we get the July retail sales report and that will make a larger statement about the shape of consumer balance sheets. We also get another round of US housing data, with starts as the highlight on Wednesday.
The main event this month will be the Jackson Hole symposium from August 26-28. The speaking schedule isn't out yet, but rest assured that Powell will be the highlight.
