Emmy awards and economics
- The US presidential debate did cover some policy topics although what presidents want to do is constrained by what Congress is willing to do. Trump made the controversial statement that his TV show "The Apprentice" was worthy of an Emmy award. The Mexican peso rallied (but probably not on the Emmy comment).
- Market attention seems to be shifting away from politics and back to the Fed. The Beige Book of economic anecdotes was again signaling selective labor market tightening ("selective" is not the labor tightening that Fed Chairperson Yellen wants). NY Fed president Dudley reiterated his support for a rate rise.
- The ECB meets today, but the expectation is that nothing comes of this meeting. The press conference afterwards will be the focus as some decision on quantitative policy has to be made at some point.
- For data, the US Philly Fed sentiment data is suspect as are all US sentiment surveys because of political noise. German producer price inflation gives some signal on corporate pricing power. UK retail sales are nominal and will be increased by rising inflation pressures.