Greetings,
The United States: Elevated real rates suggest that the spending shift from goods to services will continue.
Rates: At the Jackson Hole meeting, there’s likely to be significant discussion about the long-run interest rate and whether the current US monetary policy is sufficiently tight. Here are some estimates (real rates).
Equities: Here is how the S&P 500 performed around Jackson Hole events.
The Eurozone: Markets downshifted ECB rate hike expectations after the disappointing August PMI report (see chart).
Asia-Pacific: South Korean corporate earnings are improving relative to China.
Emerging Markets: Turkey’s central bank surprised with a 750 bps rate hike, as Hafize Gaye Erkan pursues a more traditional monetary policy.
Food for Thought: The AI gold rush:
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com
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