The three main US equity indexes struggled for traction after Boston Fed President Rosengren continued to push back against further rate cuts. He argued that he wasn’t convinced that the ongoing trade war and slowing global growth would have significant impact on the US economy. This shines more focus on Friday’s annual central bankers retreat in Jackson Hole where Fed Chair Powell is expected to shed some lights on the outlook of interest rates. On the trade front, Huawei said the temporary relief doesn’t change the fact that it has been treated “unjustly” after US Commerce department extended a temporary reprieve for the Chinese company by another 90 days. In premarket, Home Depot and Kohl’s rose after posting their quarterly results. Scheduled to be released at 11:00 AM (PT) tomorrow, minutes of the Fed’s July meeting will provide details on the first rate cut in a decade. Elsewhere, WTI crude nudged lower from the previous session but still traded above $56 a barrel this morning. There is no economic data scheduled for today.
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The three main US equity indexes struggled for traction after Boston Fed President Rosengren continued to push back against further rate cuts. He argued that he wasn’t convinced that the ongoing trade war and slowing global growth would have significant impact on the US economy. This shines more focus on Friday’s annual central bankers retreat in Jackson Hole where Fed Chair Powell is expected to shed some lights on the outlook of interest rates. On the trade front, Huawei said the temporary relief doesn’t change the fact that it has been treated “unjustly” after US Commerce department extended a temporary reprieve for the Chinese company by another 90 days. In premarket, Home Depot and Kohl’s rose after posting their quarterly results. Scheduled to be released at 11:00 AM (PT) tomorrow, minutes of the Fed’s July meeting will provide details on the first rate cut in a decade. Elsewhere, WTI crude nudged lower from the previous session but still traded above $56 a barrel this morning. There is no economic data scheduled for today.
The curve has bull-flattened with UST 10-Year yield down 6.10 bps.