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Economic Review 10 August 2026

Economic data included increases in ISM manufacturing and services indexes. The monthly employment situation report disappointed, with far slower growth than expected, although the unemployment rate also declined.
Equities rose globally last week, helped by decent economic data and better news from the Middle East. Bonds gained as yields fell back globally. Commodities were mixed, with gains in precious metals offset by a decline in energy.

Economic Review 3 August 2026

Economic data for the week included the U.S. Federal Reserve keeping interest rates on hold, U.S. GDP for Q2 growing at a pace slightly below trend, as well as moderate gains in personal income and spending, durable goods orders, and home prices. Consumer sentiment remained mixed.

Equities saw gains globally, with decent earnings and lack of Middle East escalation. Bonds were mixed, as yields rose. Commodities fell along with oil prices, coupled with a fading in Middle East tensions early in the week.

Fed Note 29 July 2026

At the July meeting, the U.S. Federal Reserve Open Market Committee voted to keep the Fed funds rate unchanged at the current range of 3.50-3.75%. The vote was 9-3, with dissents from Hammack, Kashkari, and Logan, all of whom preferred to raise rates by 0.25%.

Economic Review 27 July 2026

In a light week for economic data, S&P services PMI continued to increase, while manufacturing data flattened out, although both remained plagued by higher inflation. New home sales reversed course and rose, although to a minimal degree.

Equities were mixed, with declines in the U.S. and minimal gains internationally, with offsetting views about AI and inflation implications of the Middle East war. Bonds fell back globally along with higher inflation expectations and movements in the dollar. Commodities rose broadly, led by another spike in oil prices.