This Week's State Of The Economy - What Is Ahead? - 16 July 2021

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jul 30, 2021

This Week's State Of The Economy - What Is Ahead? - 16 July 2021

While some parts of the U.S., such as the Western U.S. up to the Northwest, were enduring some truly high temperatures the last couple weeks, I was visiting family in the upper Mid West, where cooler-but-still-warm temperatures were causing the local Scandinavian-descended population to melt.  Visiting from Texas, it felt more like fall, which like the Texas cold-snap last February just goes to show that it’s a case of what you’re used to.  For those paying attention, that’s also my excuse for not getting my weekly Economic Commentary distribution done last week.

I don’t think we missed much in economic news.  Inflationary pressure is still present, as both consumer and producer price inflation results for June came in higher-than-expected, and the Fed still seems of the view that current inflationary pressure is most likely temporary.  See p. 2 of the Commentary for more detail.  Next week we have updated data on housing starts and existing home sales to look forward to.  In the meantime, have a great weekend.




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