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Stage setting

Several macro data points were published yesterday that may influence todays FOMC meeting. First, in Europe, GDP for the Eurozone grew at 0.6%, in line with expectations, but showing a very anemic growth, which could push rates lower. Second, the JOLTS report in the U.S., which shows a slight deterioration in the job market. Total job openings per unemployed person dropped to 1.2, but more importantly, private sector job openings went down aggressively, and it was only compensated by Government ones, which is not healthy. The number of quits dropped as well, signaling less confidence to find a better job. Finally, in a sign that Japan is decoupled from the rest of the world, the BoJ raised interest rates yesterday, which is helping the Yen to strengthen and consequently makes the Yen carry trade into U.S. tech mega caps more costly, and less attractive, prompting weakness in the U.S. stock market. All eyes on the Fed today as investors hope for a first cut in September.


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