Finally ! The hour of the monetary high mass will ring out this Friday. The Jackson Hole symposium, in Wyoming, which has brought together all the major fundraisers on the planet since late Thursday afternoon, gets to the heart of the matter, with a program of conferences and interventions that will follow one another throughout of this last day of the week. Ministers of finance, central bankers from around the world, economists and distinguished academics will meet to present their vision of the major financial and economic issues of the moment.
With an appointment not to be missed, the speech of the President of the American Federal Reserve, Jerome Powell, who will speak at the very beginning of the morning across the Atlantic, which corresponds to 4 p.m. (Paris time). What will be the content of this speech and, above all, what tone will the boss of the central bank adopt? Many predict that he will be more incisive than at the last Fed meeting, affirming above all his desire to curb inflation, which peaked at 8.5% over one year at the last score. In the crosshairs, the scale of the next tightening of the institution, during the FOMC in September. 50 or 75 basis points? And what next?
Some stats to wait
Also in the United States, statistically, we will be watching the figures for household income and consumption for the month of July, expected to rise by 0.6% and 0.4% respectively over one month. It will be at 2:30 p.m., shortly before Jerome Powell’s intervention. To follow, also, the trade deficit for the same month (consensus: 98.5 billion dollars), then the inventories of wholesalers for the same period (+1.3% expected, after +1.8%). Finally, the University of Michigan confidence index for the month of August will be unveiled, expected to be virtually stable at 55.3 points.
In Europe, at the start of the morning, we learned about the German (GfK) and French consumer confidence indices.