Powell’s big week, mixed PMI data, and Bitcoin tops $50,000.
Much of the market’s attention this week will be focused on Friday’s speech by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. Last year he rolled out a new way of running monetary policy, including allowing an overshoot in inflation. A year on, concerns are being raised that the policy is already past its sell-by date with inflation stubbornly higher than the bank’s policy target. There was some good news for Powell when Treasury Secretary Janet Yellen was said to endorse him for a second term.