The annual Jackson Hole symposium is in the spotlight again today. While the gathering in the Grand Tetons typically gravitates toward academic discussions on policy, this year's meeting has heightened political, trade and rate considerations swirling around it. Federal Reserve Chairman Jerome Powell will make his first public remarks since the Fed cut interest rates for the first time in over a decade. The stakes are high for Powell with disagreement within the Fed over the strength of the U.S. economy and the pace of rate cuts. (SA)
Boeing told suppliers it will resume production of its best-selling 737 jets at a rate of 52 per month by February 2020 and step up to a record 57 per month in June. Suppliers were told that the new schedule depends upon regulators approving the 737 MAX to fly again commercially in Q4. Rate changes by major manufacturers are usually incremental and communicated months or even years in advance, but the unprecedented challenge to the 737 program is said to have forced Boeing to scramble. (CNBC)
Beijing announced it would apply additional tariffs of between 5 and 10 per cent on $75bn of US imports from September, marking the latest escalation in an increasingly bitter trade war. China will add the tariffs on imports of a list of products including frozen pork and nuts from September 1, on a separate list of other products including some kinds of fabrics and food flavorings from December 15, the finance ministry said on its website. The Trump administration said it would impose tariffs on $300bn of Chinese imports in September, before adding that it would delay imposing the duties on about half of those products until December. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.