Weekly Summary: Highlights in Finance and Economics

Discover the most significant data and events that impacted the markets this week. 

Weekly Economic Summary 

  • Interest Rate Perspective: Jerome Powell suggested a possible gradual rate cut starting in September at Jackson Hole. The Fed’s minutes and the decline in inflation support this expectation. 
  • Recession and Employment in the U.S.: Goldman Sachs reduces the recession probability to 20%. The economy created 818,000 fewer jobs than estimated, adjusting the monthly job creation figure to 174,000. 
  • Eurozone: Unexpected economic strength in August, driven by the Paris Olympics. 
  • China: The People’s Bank of China keeps interest rates at historic lows (3.35% for loans and 3.85% for mortgages). 
  • Argentina: Economic activity fell by 3.9% year-on-year in June. Construction dropped by 24%, but the agricultural and livestock sectors grew by over 82%. 
  • Mexico: 
    • Growth Estimate: ECLAC lowers its 2024 forecast to 1.9%, down from the previous 2.5%. 

Important Events Next Week: 

  • In the U.S., Consumer Confidence will be released on 08/27. 
  • In the U.S., the second estimate of Q2 2024 GDP will be published on 08/29. 

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