Tuesday 08 October 2024
Week of 19 August 2024 Events: Earnings, Fed & More
On the week of 19 August 2024, traders, consumers, and analysts may want to keep track of the upcoming economic events and data releases to get a better understanding of the economy and the financial markets, diving deeper into August. Here’s what you need to know about the week ahead:
Fed Minutes & Speeches
The central bank of the largest economy in the world is due for an eventful week ahead of its rate decision on 17-18 September, with the main events and reports being as follows:
FOMC Minutes
July’s FOMC meeting minutes will be released on Wednesday, 21 August. During July’s meeting, the Fed kept rates unchanged at a 23-year high despite expectations of interest rate cuts. Still, although the results of that meeting are already known, Wednesday’s release “can cause volatility based on the reasoning behind the decision.” Accordingly, it will be interesting to see how this will actually affect the markets.
Jackson Hole Economic Policy Symposium
The Jackson Hole Economic Policy Symposium, the annual global forum for central bankers, will take place from 22 to 24 August. This three-day event, hosted by the Federal Reserve Bank of Kansas City, gathers central bankers from across the globe to discuss financial and global issues, trends, and events.
The event is crucial, highly esteemed, and watched by economists. It can provide an overview of the possible trajectory of interest rates.
Among the events, a key highlight is Fed Chair Jerome Powell's speech, in which he is expected to discuss the possible September rate cuts. According to the Commonwealth Bank of Australia, “markets will be laser-focused to what Powell has to say at the end of this week,” and “it will be a great opportunity for Powell to either endorse or push back market pricing.” According to economists at BNP Paribas, “a key highlight of Powell's speech will be the acknowledgement that progress on inflation has been sufficient to allow the start of rate cuts.” As such, it might be interesting to see how this anticipated event will move the economy and the financial realm.
PMI & Home Sales
In addition to the above, the US economy is due for key reports that can shift the markets and provide valuable insights about its health, including PMI and Home Sales.
PMI
The US Flash Purchasing Managers Index (PMI) will be released on Thursday, 22 August. The index will reveal information about the manufacturing and services sectors, which have been around the 50 level recently.
Home Sales
US Existing and New Home Sales are scheduled to be released on Thursday, 22 August, and Friday, 23 August, respectively.
The reports can reveal if the housing market is still contracting and can also “cause some selling in the equities markets.” (Source: Nadsaq)
Earnings Reports
Earnings season will continue in full swing with reports from leading companies. Here are the main releases:
Monday, 19 August:
Tuesday, 20 August:
Wednesday, 21 August:
Thursday, 22 August:
What will these big names reveal about their respective sectors? Traders will have to wait and see.
Conclusion
This week, traders, consumers, and analysts may gain some much-needed insights into the state of the US economy and the financial markets as key data releases from the US and big companies are released. Only time will tell what lies ahead.
