A Jackson Hole Lot of Nothing
There wasn’t much to take out from Jackson Hole, says NAB’s Skye Masters. A bigger concern on Friday was the stickiness in inflation expectations in the latest Michigan survey. Aussie retail sales and CPI are among the big ticket items this week.
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Monday 28th August 2023
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If markets were hanging out for some unique wisdom from any central banks at Jackson Hole they would have been disappointed. All it did was dismiss any hopes of a more dovish take from Jerome Powell and his compatriots. NAB’s Skye Masters says the focus on Wyoming, meant less attention was given to the University of Michigan Inflation Expectations survey, which has been heading higher for the last two months. “That stickiness is inflation is a little bit concerning”, she says. With Jackson Hole behind us, the focus is now on a week rich in important data, including Australian retail sales (today) and CPI (Wednesday), and US payrolls numbers on Friday.
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