about recent developments in China and uncertainty about the outcome of US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole.
US equities dwindle as market sentiment remains fragile. The National Association of Realtors revealed that Existing Home Sales plunged -2.2% in July but improved compared to June’s -3.3% figures. According to the report, “inventory availability” and higher “mortgage rates” are the drivers behind the latest report drop, revealed NAR Chief Economist Lawrence Yun.
Meanwhile, Richmond Fed President Thomas Barkin emphasized that reaching the 2% target is crucial to Fed’s credibility. Later on the day, further, Fed policymakers will cross the wires, with Bowman and Golsbee up next.
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