The Man Of The Hour (E39)

Last week was a roller coaster for the financial markets, with the SPY reaching 555 and showing signs of heading for 563. The movement of the index will heavily depend on whether it can successfully break through and surpass the 557 mark. In terms of economic data, last week presented strong indicators, notably with the Consumer Price Index (CPI) coming in below 3.0 at 2.9% and the Producer Price Index (PPI) being lower than expected. Looking ahead to this week, investors are eagerly anticipating the release of the FOMC minutes and the highly anticipated speech by the focal figure Jerome Powell on Friday. It is crucial to keep a vigilant eye on the jobless claims data, carefully analyze the FOMC minutes, and pay close attention to Powell’s remarks, as they may provide valuable insights into the likelihood of a rate cut in September. While initial speculation pointed towards a potential half-point cut, it now appears that a more moderate quarter-point cut may be on the horizon. Shifting focus to the cryptocurrency market, Bitcoin is currently maintaining its position around 58k, prompting questions about whether it is poised to break out and achieve new highs. Furthermore, in the real estate sector, significant changes are set to take effect on August 17th, as buyers will now be required to negotiate compensation with their agents before commencing their search for a home. This adjustment is anticipated to make the process of buying a home more challenging for the average individual, reflecting the evolving dynamics of the real estate landscape.