Powell will speak on Friday morning (early Saturday AEST) at the Kansas City Fed\u2019s annual gathering of global central bankers in Jackson Hole, Wyoming.<\/p>\n
Powell\u2019s speech is \u201cthe most anticipated [one] of his 90 months\u201d as chairman, according to Yardeni Research. \u201cAn unwarranted cut of the federal funds rate [next month] could have unintended consequences that include a stock market melt up and a bond market meltdown.\u201d<\/p>\n
Yardeni said every meeting seems consequential to investors just before it occurs. \u201cBut with stock investors confident of a rate cut, President Donald Trump demanding one, and the economic support for one so far ambivalent at best, the US central bank\u2019s September 2025 decision will be important for sure.\u201d<\/p>\n
Market highlights<\/p>\n
ASX 200 futures are pointing down 23 points or 0.3 per cent to 8874.
All US prices near 5pm New York time.<\/p>\n
AUD -0.2% to US64.93\u00a2Bitcoin -1% to $US116,520On Wall St: Dow -0.08% S&P -0.01% Nasdaq +0.03%VIX -0.1% to 14.99Gold -0.1% to $US3332.72 an ounceBrent oil +1.1% to $US66.54 a barrelIron ore -0.2% to $US101.70 a tonne10-year yield: US 4.33% Australia 4.27%Today\u2019s agenda<\/p>\n
The Economic Reform Roundtable begins on Tuesday with Anthony Albanese, Jim Chalmers and Michele Bullock set to speak.<\/p>\n
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August consumer confidence data will be released at 10.30am on Tuesday morning. NAB said: \u201cWe expect consumer confidence to lift following the RBA\u2019s August interest rate cut and the ongoing rally in equity markets. NAB\u2019s high frequency transactions data suggests the pickup in consumer spending seen in May and June continued into July \u2013 July transactions rose 0.7 per cent month-over-month.\u201d<\/p>\n
Later, at 10.30pm, the US will release July housing starts and building permits.<\/p>\n
Top stories<\/p>\n
How $50m windfall in Qantas case changes the game for unions<\/a> | The unprecedented amount awarded to the Transport Workers Union could be the beginning as new wage theft laws dramatically increase the maximum fines available.<\/p>\n Chanticleer: The market and the maths show Qantas got off lightly<\/a> | The illegal sacking of more than 1800 workers has cost money, reputations and investor angst. But after its record penalty, does the size of the stick match the carrot?<\/p>\n Tensions between unions and business cast shadow over summit<\/a> | Productivity Commission chair Danielle Wood joins employers in pushing back at the Victorian government\u2019s proposed work-from-home laws.<\/p>\n