What difference does it make?

Daily update

The US courts have confirmed Fed Governor Cook will participate in tomorrow’s policy decision. The US Senate has confirmed Council of Economic Advisors Chair Miran will participate in tomorrow’s policy decision. Neither confirmation is likely to change the policy outcome—with a rate cut widely expected. Whether a rate cut will achieve much economically is a more uncertain point.
US consumer spending is on display with August retail sales numbers. Price changes do impact these figures, but the middle-aged, middle-class consumer seems happy to spend and has the resources to smooth out weakness in real income growth. Import price data is also due—the details are useful in confirming where the costs of trade policy are falling.
UK labor market data comes packed full of quality health warnings, which perhaps undermines its impact on markets. For what it is worth, the data is signaling broadly stable employment with modest gains in real incomes.
Eurozone and US industrial production data are due (for July and August, respectively). Despite being marginally more important as a manufacturer, Eurozone production data attracts fewer than half the number of forecasts generated for the US numbers. Some US companies have suggested production stoppages because of international supply chain disruption.