As traders approach another pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Friday, August 30, 2024. The spotlight will be on the Core PCE Price Index, a key inflation indicator closely watched by the Federal Reserve. This release, along with other important economic reports, has the potential to influence market sentiment and monetary policy expectations.
Major Economic Events to Watch:
• 8:30 AM ET - Core PCE Price Index (MoM) (Jul): Forecast 0.2%, Previous 0.2%. This is the Fed's preferred inflation gauge, measuring price changes in consumer goods and services excluding food and energy.
Other Important Economic Events to Watch:
• 8:30 AM ET - Personal Spending (Jul): Forecast 0.5%, Previous 0.3%. Measures the change in inflation-adjusted consumer spending.
• 8:30 AM ET - PCE Price Index (YoY) (Jul): Forecast 2.6%, Previous 2.5%. Indicates the average increase in prices for all domestic personal consumption.
• 8:30 AM ET - PCE Price Index (MoM) (Jul): Forecast 0.2%, Previous 0.1%. Shows month-over-month changes in the PCE price index.
• 8:30 AM ET - Core PCE Price Index (YoY) (Jul): Forecast 2.7%, Previous 2.6%. Year-over-year measure of core inflation.
• 9:45 AM ET - Chicago PMI (Aug): Forecast 45.0, Previous 45.3. Determines the economic health of the manufacturing sector in the Chicago region.
• 10:00 AM ET - Michigan Consumer Sentiment (Aug): Forecast 67.8, Previous 66.4. Rates the relative level of current and future economic conditions.
• 10:00 AM ET - Michigan Consumer Expectations (Aug): Forecast 72.1, Previous 68.8. Measures consumer expectations for the economy.
• 10:30 AM ET - Atlanta Fed GDPNow (Q3): Previous 2.0%. Provides a running estimate of real GDP growth for the current quarter.
• 1:00 PM ET - Baker Hughes U.S. Rig Count: Previous 483. An important business barometer for the oil drilling industry.
• 1:00 PM ET - U.S. Baker Hughes Total Rig Count: Previous 585. Indicates total active drilling rigs in the U.S.
• 3:30 PM ET - CFTC Speculative Positions reports for various assets including S&P 500, Nasdaq 100, Gold, and Crude Oil.
Other Economic Events to Watch:
• 8:30 AM ET - Personal Income (Jul): Forecast 0.2%, Previous 0.2%. Measures the change in total income received from all sources.
• 8:30 AM ET - Real Personal Consumption (Jul): Previous 0.2%. Personal consumption adjusted for inflation.
• 9:00 AM ET - Dallas Fed PCE (Jul): Previous 1.70%. An alternative measure of core inflation.
• 10:00 AM ET - Michigan 1-Year Inflation Expectations (Aug): Forecast 2.9%, Previous 2.9%. Measures consumer expectations for inflation over the next year.
• 10:00 AM ET - Michigan 5-Year Inflation Expectations (Aug): Forecast 3.0%, Previous 3.0%. Measures long-term consumer inflation expectations.
• 10:00 AM ET - Michigan Current Conditions (Aug): Forecast 60.9, Previous 62.7. Assesses consumers' opinion of current economic conditions.
• 3:30 PM ET - CFTC Speculative Positions reports for various commodities including Aluminium, Copper, Silver, Natural Gas, Wheat, Corn, and Soybeans.
For further information and the latest updates, please refer to our Economic Calendar, here https://www.investing.com/economic-calendar/
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