Macro Briefing: 23 August 2022

* US natural-gas futures reach 14-year high
* Eurozone economic activity fell for second month in August via survey data
* Euro at two-decade low vs. US dollar
* UK economic activity near virtual standstill in August, PMI data shows
* Pimco analyst predicts great moderation for inflation is “fully behind us now”
* Strong US dollar takes a toll on gold and silver prices
* US economic activity rebounded in July via Chicago Fed Nat’l Activity Index:

Will Fed Chair Jerome Powell reset market expectations in his Friday speech at the Jackson Hole symposium? “That’s everyone’s top-of-mind question: How much will Powell micro-manage financial conditions? We have reached a point where the economy is showing signs of slowing,” says Laura Rosner-Warburton, a senior US economist at MacroPolicy Perspectives. “If we don’t see more slowing in the data and instead things bounce, then the Fed will have to more actively manage financial conditions.”