| Today's Economy
Economic Roundup: Housing Starts Cool, Fed Undecided on Taper Housing starts fell more than we anticipated but it didn't alter our tracking estimate of Q3 GDP. Capital Market View: No Consensus on When FOMC Will Begin to Taper This is not surprising as economists normally can't agree on anything. Inside Economics Podcast: Episode 20—Delta and Debt We discuss the impact of the Delta variant on the economy and health of household balance sheets. LatAm Daily Briefing: Region Joins Forces Against Climate Change Formulating a strategy to remediate climate risk impacts is the goal of an upcoming regional summit. » VIEW MORE TODAY'S ECONOMY
Commentary
Global Outlook: Resurgence Risks to Recovery Until the pandemic is brought under control, a divergent dual-track recovery will persist. Global Vaccine Tracker: Economic Impact of Rise in Cases It's clear that higher vaccination rates lead to better economic and public health effects. Macro Roundup: China’s Expansion Set to Slow Fiscal and monetary support will start to flow through. U.S. Weekly Highlights and Preview, August 16, 2021 Because of the timing of Amazon Prime day, retail sales likely dropped by 1.5% in July. » VIEW MORE COMMENTARY
Today's Economic Indicators
Indonesia
Foreign Trade
Jul. 2021: US$2.59 bil
Indonesia's foreign trade surplus beat expectations in July, widening to $2.59 billion from a year low of $1.32 billion in June. New Zealand
Monetary Policy
Aug. 2021: 0.25%
The Reserve Bank of New Zealand left its monetary settings unchanged. United Kingdom
Consumer Price Index
Jul. 2021: 2% y/y
U.K. inflation decelerated in July to 2% y/y from 2.5% y/y the previous month, although on a monthly basis it was unchanged at 0.4%. Euro Zone
Consumer Price Index
Jul. 2021: 2.2% y/y
The euro zone’s inflation rate was confirmed at 2.2% y/y in July, up from 1.9% in June. Austria
Consumer Price Index
Jul. 2021: 2.9% y/y
Austria’s inflation rate rose to 2.9% y/y in July from 2.8% in June. United States
MBA Mortgage Applications Survey
August 13: -3.9%
Mortgage applications declined 3.9% in the week of August 13 following the previous week’s 2.8% increase. United States
New Residential Construction (C20)
Jul. 2021: 1.534 mil, SAAR
U.S. housing starts fell more than either we or the consensus expected in July, but the forward-looking permits improved. Canada
Consumer Price Index
Jul. 2021: 3.7% y/y
Soaring housing costs reaccelerated the pace of inflation in July to its highest rate since 2011. Chile
GDP
2021Q2: 18.1% y/y
Chile’s economy reported a strong annual rebound in the second quarter, though the recovery moderated on a quarterly basis. United States
Moody's Analytics Inflation Expectations Pulse
August 15: 2.39%
The Moody’s Analytics Inflation Expectations Pulse rose slightly last week, increasing almost 5 basis points to 2.41% in the week ended August 15. United States
Oil Inventories
August 13: 435.5 mil barrels
A larger-than-anticipated decline in crude oil stocks will support oil prices. United States
FOMC Minutes
Jul. 2021:
The minutes from the July meeting of the Federal Open Market Committee showed policymakers had a lengthy discussion about tapering their monthly asset purchases but there wasn’t a consensus. Australia
Employment Situation
Jul. 2021:
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