Wu Blockchain this week's macro indicators and analysis: US PCE, GDP

Compiled by: GaryMa Wu Blockchain about blockchain

Summary
Wu Blockchain this week's macro indicators and analysis: Last week, the ECB kept interest rates unchanged, and Powell said that he would not wait until inflation fell to 2% before starting to cut interest rates. The market is still betting on a rate cut in September. This week, the focus is on the US June core PCE price index and the US second quarter GDP.

Last week review
● Beige Book on Economic Conditions of the Federal Reserve: The U.S. economy grew slightly, inflation cooled, and economic growth is expected to slow down in the next six months.
●The European Central Bank chose to remain on hold in July, maintaining the three key interest rates unchanged.
●Powell: The Fed will not wait until inflation drops to 2% before starting to cut interest rates.
●2024 FOMC voting member and San Francisco Fed President Mary Daly: I am increasingly confident that inflation is returning to target, and I expect policy adjustments in the coming period.
● Fed Governor Kugler: It is appropriate to cut interest rates later this year, and the inflation decline process is back on track. If the unemployment rate continues to rise, I support an early rate cut.
●FOMC permanent voting member and New York Fed President Williams: Interest rate cuts may be needed in the coming months. Various inflation indicators are moving in the right direction, and more data will be obtained during July-September.
●Federal Reserve Board Governor Waller: The timing of interest rate cuts is getting closer, but the magnitude remains an unresolved issue.


This week's key events & indicators
July 24th ● July PMI of many countries including the UK, Germany, France and Europe
●Canada’s central bank interest rate decision on July 24 (21:45)

July 25 ● Number of initial jobless claims in the United States for the week ending July 20 (10,000 people) (20:30)
●Preliminary value of the annualized quarterly rate of real GDP in the second quarter of the United States (20:30)
●Preliminary annualized quarterly rate of the U.S. core PCE price index for the second quarter (20:30)

July 26 ● U.S. June core PCE price index annual rate (20:30)
●Final value of the University of Michigan Consumer Confidence Index in July (22:00)