2022-08-21 21:15:48
Weekly Economic Events Highlights
U.S
Total retail sales were flat in July, marking a deceleration from June’s pace. However, sales in the control group, which exclude several volatile categories and are used in calculating GDP, rose a sturdy 0.8% m/m.
Housing continued to cool in July. Existing home sales fell 5.9% and the median seasonally adjusted home price retreated for the second month in a row. Homebuilders also continued to ease off the accelerator, with starts down 9.6% in July.
Minutes from last month’s FOMC meeting revealed that many participants acknowledged the risks that that the Committee could tighten the stance of policy by “more than necessary”.
Canada
Headline inflation cooled a bit to 7.6% y/y in July on lower fuel prices. However, inflation remains uncomfortably high, and is not hitting all households equally.
Core inflation measures ticked higher last month, supporting the case for an aggressive September BoC hike.
Growth indicators released this week generally confirmed that economic growth is cooling. The BoC faces an increasingly tough task of engineering a soft-landing.
t.me/BBMarketWatch
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