I wonder if Raphael Bostic, President of the Federal Reserve of Atlanta, will mention the good news for the US economy in his speech today.
Yes, the Atlanta Fed’s GDPNow real-time GDP tracker has surged to 25.6% QoQ. This follows Citi’s Economic Surprise Index that has been rising since May.
Global sovereign yields are down slightly ahead of “Jackalope Jay” Powell’s virtual Jackson Hole presser on Fed activities.
In anticipation of Powell’s speech, the US Treasury Actives curve (green) has steepened slightly over the past week, but the US Dollar Swaps curve (blue) has steepened even more.
The S&P 500 e-mini futures contract is down slightly ahead of Powell’s talk.
Some form of inflation targeting, particularly since there is virtually no inflation and the real 10-year Treasury yield is -1.04%.