This Week's State Of The Economy - What Is Ahead? - 20 August 2021

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Aug 24, 2021

This Week's State Of The Economy - What Is Ahead? - 20 August 2021

In a little bit of a twist, I’ll highlight an International element of the week’s current economic activity.  The Wells Fargo Economics team notes in the Commentary that new COVID cases in New Zealand disrupted the Reserve Bank of New Zealand's plan to tighten monetary policy this week.  That raises a question about whether, going forward, rising COVID cases alter any other central banks' plans to normalize interest rates.  Also, China activity data missed expectations by a wide margin, signaling China's economy is also under pressure as a result of new restrictions.




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The FOMC hiked the federal funds rate by 25 bps on Wednesday amid continued strength in the labor market and elevated inflation.

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Data continue to reflect an economy digging itself out of the lockdown-induced slump.

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The biggest economic news was Fed Chair Powell presenting the Federal Reserve\'s semiannual Monetary Policy report to Congress this week.

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The March consumer price data dominated the economic discussion this week and are the latest to support that the timing and degree of Fed easing will be later and smaller than many of us previously expected.

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It was a mildly busy week for foreign economic data and events, while global COVID-19 cases continued to rise.

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The combination of the election outcome and a workable vaccine boosted financial markets and set the background music for this week’s short list of indicators.

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In other economic news, output continues to ramp up across the U.S., even as the resurgence in COVID cases is leading to some pullback in consumer engagement.

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Financial markets reacted in a zig-zag pattern to this week\'s economic data ahead of the next FOMC meeting. Price pressure is still not showing the sustained slowdown the Fed needs before it takes its foot off the throttle of tighter policy.

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