Shortly after investors began processing the implications of new US energy/climate policy early this month, Jackson Hole monetary policy cues became top-of-mind. A slender but interesting end-of-August weekly outlook provides a few events focused on these hot topics – each with multi-year market ramifications. Philadelphia Fed Bank President Harkin last Friday mentioned on-going global droughts as another macroeconomic risk the FOMC has discussed recently as it develops inflation fighting plans. Fed speakers this week include presidents Williams, Bostic, and Mester.
Ravi Menon’s recent speech What does it take to get to net zero in Singapore covers energy transition considerations vexing policymakers, markets, and consumers. His most telling observation is that while several companies and countries have net-zero commitments, few have credible plans.
We list and provide links below to some of the macroeconomic and energy events this week.
OUTLOOK (all times eastern daylight time unless noted)
Monday
3:30 a.m., the Offshores Northern Seas Foundation’s four-day annual energy conference featuring Elon Musk and President Zelensky. The wide-ranging agenda includes sessions on comprehensive market outlooks, old and new power sources, demographic impacts, policy and politics, technology, and geographical comparisons.
9:00 a.m., Central Bank Research Association begins annual three-day conference at the Universitat Pompeu Fabra, Barcelona. Inflation and climate change dot the agenda.
Russia, China, India, and others begin multi-day joint military exercises.
Brazil’s presidential candidates’ televised debate.
Tuesday
11:00 a.m., NY Fed Bank President Williams speaks with a Wall Street Journal panel.
Conference Board consumer confidence surveys released.
Wednesday
PBOC publishes 1H22 GDP (late Tuesday EDT).
Gazprom begins a three-day shut down of Nord Stream 1.
7:30 a.m., Mester speaks with the Dayton Area Chamber of Commerce at the University of Dayton.
6:30 p.m., Bostic addresses the Georgia Fintech Academy at the Georgia State University College of Law, Atlanta.
Friday
8:30 a.m., US July employment report.
UK Tory leadership ballot closes.
