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Summary United States:Economic resilience or reticence? The U.S. economy defied expectations in the second quarter, expanding at a 2.8% annualized pace. Despite the upside surprise, we still see enough softening in inflation and signs of stress to warrant a rate cut in September. Next week: ECI , ISM Manuf. , Employment International:Bank of Canada doubles down on monetary easing The Bank of Canada cut its policy rate 25 bps to 4.50% this week, following on from its initial rate cut in June.
Next week: Eurozone CPI , BoJ Policy Announcement , BoE Policy Rate Interest rate watch:Wake me up when September ends The only change we expect out of next week's monetary policy meeting is for the FOMC to signal rate cuts are coming as early as itsnextmeeting in September. Inflation progress resumed in Q2, and the labor market is softening—both developments position for Fed easing.
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