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Summer camp

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  • Portugal is, if not presenting a crisis per se, reminding the world that there are issues in the Euro area. The Portuguese finance ministry has apparently asked if the next review of their bail out could be postponed a bit s they can sort themselves out. The review was due to start in 72 hours time.
  • The Fed's summer camp for economists (aka the Jackson Hole Symposium) is underway. Ahead of the bonfire and wiener roast tonight, we are going to be hearing from Bullard and Plosser (speaking on a panel) who might allow markets to continue to see dovishness in Fed speakers' words.
  • Japan has elections for the upper house this weekend �€“ which some might say have been the main objective of Mr Abe's economic policy. While the government is expected to get a majority the issue is whether that majority is large enough to change the constitution.
  • The data calendar is quiet today. Spanish CPI inflation is not really a dominant concern in financial markets, and the Euro area's industrial output data is May and so counts as ancient history. Final Michigan consumer sentiment and PPI from the US are not likely to take focus from the Fed speakers.

Listen to the audio version of this briefing.