Compiled by: GaryMa Wu Blockchain about blockchain
Summary
Wu Blockchain this week's macroeconomic indicators and analysis: Last week, the US non-farm data for June fell sharply, and the unemployment rate rose to 4.1%. The market's expectations that the Federal Reserve will cut interest rates twice this year have heated up again. This week, the focus will be on the US June CPI data and Powell's semi-annual monetary policy testimony.
Last week review
●Fed Chairman Powell said at a central bank forum hosted by the European Central Bank that the Fed has made considerable progress on inflation. However, he also said that he hopes to see more progress before he is confident enough to start cutting interest rates. When asked what keeps him awake at night, Powell pointed out that it is the delicate balance between controlling inflation and avoiding a significant deterioration in the labor market. Powell is satisfied with the resumption of the downward trend of US inflation after rebounding at the beginning of the year, highlighting a cautiously optimistic mood.
●The number of ADP jobs in the United States increased by 150,000 in June, significantly lower than the expected 165,000 and slightly lower than the previous value of 152,000. This is the third consecutive month of decline in ADP employment and the lowest level in four months.
●The number of initial jobless claims in the United States for the week ending June 29 was 238,000, compared with expectations of 235,000 and the previous value of 233,000.
●Federal Reserve meeting minutes: Inflation is continuing to decline, but not enough to start cutting interest rates.
●Minutes of the ECB's June meeting: There will be two more interest rate cuts this year and the bank is confident about the inflation outlook.
●The U.S. non-farm payrolls increased by 206,000 in June, seasonally adjusted, from 272,000 in the previous month and expected to be 190,000; the unemployment rate rose to 4.1% in June, from 4% in the previous month and expected to be 4%, the highest since November 2021.
This week's key events & indicators
July 09 ● Federal Reserve Chairman Powell delivers semi-annual monetary policy testimony to the Senate Banking Committee (22:00)
July 10 ● China's June CPI annual rate (09:30)
●New Zealand Reserve Bank interest rate decision on July 10 (10:00)
●Fed Chairman Powell delivers semi-annual monetary policy testimony to the House Financial Services Committee (22:00)
July 11 ● US June CPI (20:30)
●Initial jobless claims in the U.S. for the week ending June 29 (10,000 people) (20:30)
July 12
●US PPI annual rate in June (20:30)
●US one-year inflation rate forecast for July (22:00)
●Preliminary value of the University of Michigan Consumer Confidence Index in July (22:00)
Summary
Wu Blockchain this week's macroeconomic indicators and analysis: Last week, the US non-farm data for June fell sharply, and the unemployment rate rose to 4.1%. The market's expectations that the Federal Reserve will cut interest rates twice this year have heated up again. This week, the focus will be on the US June CPI data and Powell's semi-annual monetary policy testimony.
Last week review
●Fed Chairman Powell said at a central bank forum hosted by the European Central Bank that the Fed has made considerable progress on inflation. However, he also said that he hopes to see more progress before he is confident enough to start cutting interest rates. When asked what keeps him awake at night, Powell pointed out that it is the delicate balance between controlling inflation and avoiding a significant deterioration in the labor market. Powell is satisfied with the resumption of the downward trend of US inflation after rebounding at the beginning of the year, highlighting a cautiously optimistic mood.
●The number of ADP jobs in the United States increased by 150,000 in June, significantly lower than the expected 165,000 and slightly lower than the previous value of 152,000. This is the third consecutive month of decline in ADP employment and the lowest level in four months.
●The number of initial jobless claims in the United States for the week ending June 29 was 238,000, compared with expectations of 235,000 and the previous value of 233,000.
●Federal Reserve meeting minutes: Inflation is continuing to decline, but not enough to start cutting interest rates.
●Minutes of the ECB's June meeting: There will be two more interest rate cuts this year and the bank is confident about the inflation outlook.
●The U.S. non-farm payrolls increased by 206,000 in June, seasonally adjusted, from 272,000 in the previous month and expected to be 190,000; the unemployment rate rose to 4.1% in June, from 4% in the previous month and expected to be 4%, the highest since November 2021.
This week's key events & indicators
July 09 ● Federal Reserve Chairman Powell delivers semi-annual monetary policy testimony to the Senate Banking Committee (22:00)
July 10 ● China's June CPI annual rate (09:30)
●New Zealand Reserve Bank interest rate decision on July 10 (10:00)
●Fed Chairman Powell delivers semi-annual monetary policy testimony to the House Financial Services Committee (22:00)
July 11 ● US June CPI (20:30)
●Initial jobless claims in the U.S. for the week ending June 29 (10,000 people) (20:30)
July 12
●US PPI annual rate in June (20:30)
●US one-year inflation rate forecast for July (22:00)
●Preliminary value of the University of Michigan Consumer Confidence Index in July (22:00)
