Daily update
Daily update
- There is almost nothing happening on the economic data calendar today—things are so quiet even ECB President Lagarde and former US Treasury Secretary Summers are not speaking. As markets abhor a vacuum, there is a danger that idle investors may start listening to politicians.
- US politics is certainly providing a lot of noise. US Vice President Harris has been picking up endorsements. A cynic might suggest that the timing of these aims to maximize media attention on Harris, but it would be very wrong of an economist to be cynical about the US political process. We still have some time to wait before markets receive news they might want to react to.
- We do hear from ECB Chief Economist Lane, and these remarks may matter to markets. There is an assumption of a steady rhythm of Eurozone rate cuts. It would be nice to have some hints—especially as they would come with the added gravitas and weight than any chief economist’s lightest utterance naturally produces.
- The US Philly Fed non-manufacturing sentiment poll attracts just two forecasts from market economists, which is all one needs to know about its market relevance. Consumer confidence data is likely to be heavily polarized in the current political climate.
