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Market Recap – Jackson Hole Summit

Thursday, August 22, 2019 10:56 AM GMT

Markets waiting mode continued, as we are heading to the Jackson Hole summit. Given the high expectations, that Jerome Powell will use the occasion to signal another rate cut at the September 18 FOMC meeting, there is a great room for disappointment.

The existence and the content of a formal joint communique, at the upcoming G7 summit, scheduled for the weekend, is already out of the question. Emanuel Macron, the French President, has already downplayed the value of this document and announced that he will not waste time over a pointless document.

One should note the irony of the fact, that markets are expecting insights from two summits that are happening in closed doors.

Yesterday, Germany did not manage to sell 2.2billion worth of 30year bonds with a 0 coupon. They only managed to sell 824million worth of bonds with a -0.11% yield.

Macro releases: Today is the day of the European PMI releases and the US PMI releases.

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