Morning Juice – US Session Prep (22nd August)

Sentiment
The dollar remained steady against its G10 peers, and Treasuries declined before Fed Chair Powell’s speech at Jackson Hole. In what is possibly going to be the key event of the conference for Wall Street, investors will be listening for any indication of the policy path and hints that the Fed will cut rates in September.

Fed’s Goolsbee said the September meeting feels “live” and hoped the “dangerous” climb in services inflation was just a blip. That followed comments from Fed’s Hammack, who cited inflation as a reason not to reduce rates.

US data on Thursday showed manufacturing activity growing at the fastest pace in more than 3 years. Fresh readings on the US labor market and inflation are due before the FOMC decision on September 17th.

Docket
08:30 ET
Canadian Retail Sales for June
MoM – Forecast: 1.5% | Prior: -1.1% | Range: 1.6% / -0.7%
Core MoM – Forecast: 0.8% | Prior: -0.2% | Range: 2.7% / 0.1%

Speakers
09:00 ET
Fed’s Collins to appear on BTV from Jackson Hole with Mike McKee.

10:00 ET
Fed’s Chair Powell speaks at the 2025 Jackson Hole Economic Policy Symposium on the subject of economic outlook and framework review.
Text is expected, but no Q&A.

11:30 ET
Fed’s Hammack to appear on CNBC.

12:00 ET
Trump makes an announcement

Good luck!