U.S. Review
Never A Dull Moment
- Durable goods orders rose solidly in June, thanks largely to continued strength in commercial aircraft orders.
- Consumer confidence surprised to the downside, tumbling 8.9 points to 90.9 in July.
- The FOMC meeting policy statement showed the Fed still firmly moving forward with plans to raise interest rates at some point later this year.
- Revisions to the earlier reported GDP figures and a much softer Employment Cost Index for the second quarter raise some doubts as to whether the Fed will move in September.
Global Review
Soft Inflation Figures and Mixed Results for GDP
- Since passing the anniversary of last year’s tax hike, which boosted prices, CPI inflation in Japan has been trending downward. We learned this week that the year-over-year rate of CPI inflation in Japan was 0.4 percent in June.
- Inflation in the Eurozone is soft as well; July figures released this week showed the July rate for year-over-year CPI inflation was just 0.2 percent in the Eurozone.
- In the Global Review on page 4, we review a slate of second quarter GDP reports released this week for the Eurozone, Sweden and Taiwan.
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