Financial Markets Daily Report

Financial Markets Daily Report
30 agosto 2021

In the last session of the week, financial markets generally assessed the long awaited speech of the Fed President in Jackson Hole as dovish. Jerome Powell affirmed the ongoing economic recovery, although he pointed to the evolution of the Delta variant as the main risk.

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  • In the last session of the week, financial markets generally assessed the long awaited speech of the Fed President in Jackson Hole as dovish. Jerome Powell affirmed the ongoing economic recovery, although he pointed to the evolution of the Delta variant as the main risk.
  • Powell offered few surprises and reiterated the messages of the last FOMC meeting. The tapering of the net asset purchases will begin this year, but his words suggested that probably not in September, since the labor market made only "clear progress" towards the Fed's objective.
  • In this context, yields on sovereign bonds edged down in the U.S. and in the euro area while stock indices registered modest gains in most advanced and emerging economies. The USD weakened and the euro fluctuated around $1.18.
  • This week the focus will be on euro area inflation figures (Tue.) and the U.S. labor market report of August (Fri.).
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