Macro Briefing: 25 August 2023

* Will Fed Chair Powell’s speech today mark a shift for monetary policy?
* Fed officials offer mixed views on case for more rate hikes
* US headline durable goods orders fall in July as business equipment orders rise
* German business sentiment drops for fourth straight month in August
* US jobless claims edge lower, continue to reflect solid labor market
* Atlanta Fed’s GDPNow model lifts US Q3 growth to red-hot +5.9% nowcast
* US economic growth recovers in July via Chicago Fed Nat’l Activity Index:

China’s imports of semiconductor equipment surge to record highs ahead of new export curbs by US allies. “This is one of China’s responses to the…export restrictions in the Netherlands and Japan,” Lucy Chen, vice-president of Taiwan-based research firm Isaiah Research, tells Financial Times. “China increased its inventory of semiconductor equipment through advance stockpiling to alleviate potential supply chain bottlenecks.”