This Week's State Of The Economy - What Is Ahead? - 26August 2022

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Aug 29, 2022

This Week's State Of The Economy - What Is Ahead? - 26August 2022

I can understand how the opportunity to participate in lots of scintillating economic policy discussions could make fishing look exciting in comparison.  Speaking of the economy, a second guesstimate at Q2 GDP is that it posted a 0.6% quarterly decline, slightly better than the first-reported 0.7% drop. New home sales fell 12.6% in July, reflecting the ongoing downshift in housing activity. Durable goods orders were essentially flat in July, while personal income and spending rose 0.2% and 0.1%, respectively. University of Michigan consumer sentiment improved to 58.2 in August.  Glad to hear we’re all feeling a bit better.




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Markets gyrated this week as the spread between the ten- and two-year Treasury\'s turned negative for the first time since 2007. Financial markets seem to expect that the sharp slowdown in growth overseas will soon spread to the United States.

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The Federal Reserve greatly expanded the collateral that it is willing to buy, further easing pressures in financial markets.

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This week marked the first U.S. COVID vaccinations and the imminent rollout of a second vaccine.

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The Federal Reserve announced a series of measures this morning that are intended to assist households, businesses and state & local governments as they cope with the economic fallout of the COVID-19 outbreak.

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While we were picking up tree limbs from the yard, data released this week generally showed a stronger economy in August than many expected in the wake of surging COVID cases.

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