Global PMI’s for Aug, US non-farm payrolls and further US Fed speeches on the new US monetary policy framework will be in focus this week.
Early this week there will be two further speeches by US Fed Vice Chair Clarida and Governor Brainard on the monetary policy framework announced last week. This will likely contain further operational detail.
The global PMI’s for Aug will be released this week.
Data highlights will be –
US: Non-farm payrolls and the monthly employment report for Aug. The Challenger job cut report might become more of a focus to gauge announcements on further job cuts across industries. The ISM manufacturing and services PMI’s will also be released this week for Aug.
Japan: retail trade and industrial production for Jul.
Australia: the RBA meets this week on interest rates and monetary policy. Also of note this week will be the Q2 GDP and retail sales for Jul.
The latest schedule of US Fed purchases of Treasury and Mortgage-Backed Securities was updated last week. The purchase of Treasury securities is again below the $20bn benchmark, while purchases of MBS have been increasing and are above the $20bn benchmark. Treasury Security purchases by the Fed this week will be $15.425bn (last week total $18.75bn). The purchase of MBS will be $24bn this week (last week $27bn).
US Treasury issuance will be heavier this week. The US Treasury will settle approx. $465bn in ST Bills, Notes, Bonds and TIPS this week, raising approx. $111bn in new money.
Next Monday 7 Sep is a National US holiday (Labor Day).
More detail (including a calendar of key data releases) is provided in the briefing document – download the file here;
Comments and feedback are welcome. Please email me at kim.mofardin@marscapitalpartners.net
