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Market Minutes Recap - Market Update (Perspectives on the U.S. Leading Indicators, nonfarm payrolls, existing home sales, the Jackson Hole Symposium, the July FOMC meeting minutes, and the upcoming Key Wealth National Call)
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In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the U.S. Leading Indicators, nonfarm payrolls, existing home sales, the Jackson Hole Symposium, the July FOMC meeting minutes, and the upcoming Key Wealth National Call.
Speakers:
Brian Pietrangelo, Managing Director of Investment Strategy
Cindy Honcharenko, Director of Fixed Income Portfolio Management
Rajeev Sharma, Head of Fixed Income
02:19 - The US Leading Indicators released by The Conference Board showed the month of July was down and that was followed by a decline in June, as well
02:45 – The Bureau of Labor Statistics revised the Nonfarm Payroll report for the prior year by roughly 818,000 less
03:09 – Existing home sales grew 1.3% in July, halting the four-month sales decline which began in March
03:46 – The Federal Reserve Chair, Jerome Powell, spoke at the Jackson Hole Symposium just hours ago
04:53 – The Federal Open Market Committee (FOMC) released the meeting minutes from July’s meeting. The overall theme observed was wide support for a September rate cut as the inflation risk has diminished and the risks to the labor market have increased
06:38 – During Fed Chair Powell’s press conference this morning, he addressed changing the direction of monetary policy as inflation has eased, the job market is not overheated, and the global supply chain has normalized. However, for rate cuts, the Fed will depend on incoming data
08:33 – Fed Chair Powell seemed to have balanced and neutralized comments at his press conference this morning in regards to cutting rates by 25 basis points in September, but only if the data is encouraging
15:07 - Based on previous economic strategy, it seems that the Fed typically cuts rate by 25 basis points before it loosens or tightens its policies to not incite panic in the market. Even so, is the Fed too late to the game?
20:50 – Final comments highlighting the upcoming Key Wealth National Call Wednesday, September 4th at 1:00pm EST.
Additional Resources
Key Questions: "You're Killin' Me Smalls!" Will Small Caps Ever Outperform Again | Key Private Bank
Key Questions | Key Private Bank
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