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In July, American consumer spending jumped firmly, thus hinting at sturdy economic surge in the third quarter. Meanwhile, a measure of underlying inflation reached the Fed’s 2% objective for the third time in 2018.
On Thursday, other data disclosed a soar in fresh applications for unemployment benefits the previous week, although the underlying trend kept pointing to a firm labor market.
However, there’re worries that the current presidential administration's protectionist trade stance that has provoked an escalating trade conflict with China as well as tit-for-tat import duties with other trading partners, such as Canada, Mexico and the EU could impact the American economy.
The Commerce Department told that consumer spending, accounting for more than two-thirds of American economic activity, jumped by 0.4% the previous month having rallied by the same margin in June. In July, households shelled out more at restaurants as well as accommodation.
Additionally, there was a leap in spending on prescription medication. The previous month's ascend in consumer spending turned out to be in line with analysts’ hopes.
In July, prices proceeded with their gradual upward trend. Without energy and food, the personal consumption expenditures price index managed to jump by 0.2% having soared by 0.1% in June.
It lifted the year-on-year jump in the core PCE price index to up to 2% from June’s reading of 1.9%. Eventually, the core PCE index turns out to be the Fed's primary inflation gauge. In March, it hit the Fed’s 2% inflation objective for the first time since April 2012.
Published the previous week the minutes of the Fed's July 31-Aug. 1 gathering disclosed that some policymakers were concerned over the fact a prolonged period in which the US economy acted beyond potential could provoke inflationary pressures.
As a matter of fact, wages managed to surge by 0.4%.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
The US Services PMI will be out at 17:00 MT time on March 3.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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