A very busy week of economic data ahead following multiple central bank decisions and cooling reports on US inflation this past Friday. Chair Powell was simple and clear last week: no forward guidance at this point in the cycle. The performance of risk assets in 2023, like the economy, have been resilient with the overriding force being a slowing Fed and easing inflation. Chair Powell told markets to watch the data. Last week a check in the camp of team, pause.

This week action-packed: ISM (manufacturing and services), Senior Loan Officer Opinion Survey, JOLTS, ADP, the Treasury’s Quarterly Refunding announcement, and the employment report on Friday.

Have a great first week of August!