July 30-31 Firmer tax talk. A tax-reform bill is now expected in
August 23 Markit releases Eurozone
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Flash Composite Purchasing Managers' Index data – an indicator of direction of growth.
October and November, with a completed budget by September or October. House Speaker Paul Ryan and Kevin Brady, chairman of the House Ways and Means Committee both weighed in, and the Koch brothers also said they are getting behind the White House tax reform. August 7-15 North Korea rattles markets with nuke talk. In response to new North Korea sanctions, the country threatened retaliation – including a plan that it might fire missiles toward the U.S. territory of Guam. As the rhetoric escalated, reports surfaced that North Korea could place a mini nuclear warhead inside of a missile... and President Trump responded by saying North Korea would be "met with fire and fury... the likes of which this world has never seen before," if it failed to cease threatening the U.S. China stepped up pressure on North Korea by saying it was implementing U.N. sanctions – banning the import of certain goods. North Korea followed up by backing off its threat. And President Trump praised North Korean leader Kim Jong Un for appearing to back down...
August 24-26 The Federal Reserve's Jackson Hole Conference. The markets will be focused on Mario Draghi's appearance and commentary around stimulus withdrawal. August 30-31 The second round of second-quarter GDP and the Fed's main inflation gauge (PCE) data. This will give us a more accurate look at growth versus the preliminary figures last month, and give the Fed more direction on inflation. September 4-5 Markit releases China and U.S. Flash Composite Purchasing Managers' Index data. September 5 August recess over. House and Senate back in session. Expect debt-ceiling talk to heat up.
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September 7 ECB decision on rates.
American Consequences | 23
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