Macro Briefing: 3 August 2021

* Fed faces increasingly uncertain autumn due to Delta variant of coronavirus
* Asia’s economic recovery is increasingly vulnerable to Delta variant
* SEC chairman considers tougher regulations for crypto investing
* Global chip shortage that’s bedeviled car industry expected to continue
* Global Mfg PMI slipped in July but continues to indicate solid growth
* US mfg growth slowed for a second month in July via ISM survey data
* US construction spending edged up in June but trend still moving sideways
* US 10-Year Treasury yield fell to 1.20% on Monday–just above 6-month low:

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