Two important events will mark the week. On Wednesday, NVDA will publish its earnings, where Wall Street expects $28.7Bn in sales, cementing the hype on AI. On Friday, the favorite inflation indicator for the Fed, PCE wil be published, with an expectation of 2.6% prices growth, still not quite where the Fed wants it to be, but perhaps close enough to the goal to start easing. The odds for a cut in September are: 62% probability of 25 bps cut and 38% for a 50 bps cut. The U.S. dollar index keeps weakening, gold keeps trending higher and, as you can see below, credit yields, both IG and HY keep going down.
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