This week we’ll get key readings on inflation including the U.S. consumer price and producer price indexes, along with new figures on U.S. job openings and labor turnover, retail sales, consumer credit, and consumer sentiment. The consensus forecasts are for modest gains in core PPI (+0.1%) and CPI (+0.2%), which investors and the Fed will be watching closely. Overseas, we’ll also get Chinese inflation data, but European monetary policy and Brexit developments should remain in focus.
The Financial Times reports, “The European Central Bank concludes its policy meeting on Thursday, when officials are expected to cut interest rates and outline plans for economic stimulus measures. In July, the ECB left its benchmark rates unchanged, but president Mario Draghi hinted officials could revive a quantitative easing program to boost a slowing economy. Mr. Draghi will speak at a press conference following the ECB’s meeting, which comes a week before a rate decision by the U.S. Federal Reserve. The market also expects the Fed to lower rates.” The ReMA Market Report will not be published next week due to this week’s ISRI Commodity Roundtables Forum to be held in Chicago from Sep 11-13, 2019 where scrap market participants will have the opportunity to network and learn from our outstanding commodity, trade, and economic experts (see details below). We hope to see you there!
