By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
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The U.S. Federal Reserve (Fed) will be in the spotlight this week with the annual Jackson Hole symposium, hosted by the Kansas City Fed. It brings together economists from the public and private sectors, as well as other government representatives and market participants. The highlight will be Fed Chairman Jerome Powell’s speech Friday morning on the economic outlook. We expect him to continue to telegraph a pivot on monetary policy after recent inflation and employment data.
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The Fed will release the minutes from the July 31 Federal Open Market Committee meeting, where a pivot on policy was first indicated, and traders and others will look for more definitive clues on the timing and degree of interest-rate cuts.
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On the data front, housing will be front and center with multiple releases on the state of the housing market, including new and existing home sales as well as mortgage applications. Housing activity continues to show stable-to-slightly soft activity and low affordability.
Three Things to Know
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More than $3 trillion in market capitalization has been added to the S&P 500 since the August lows. (Source: Bloomberg)
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The top-five most dangerous occupations in the U.S. (based on fatal work injuries per 100,000 full-time workers) are logging workers (100.7), roofers (57.5), fishing and hunting workers (50.9), helpers in the construction trades (38.5), and aircraft pilots and flight engineers (35.9). (Source: @visualcapitalist)
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The U.S. renter population is rising three times faster than the homeowner population, according to a Redfin analysis. The number of households renting a home increased by 1.9% year-over-year in the second quarter of 2024, to a new record of 45.2 million, the second-largest jump since 2021. In the first quarter of 2024, these households grew by 2.8%, the largest jump since 2015. At the same time, homeownership rose by 0.6%, to 86.3 million, the smallest increase since 2019. (Source: The Kobeissi Letter)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.