All Eyes On Jackson!
As in Jackson Hole, WY, where the annual KC Fed Meeting is taking place and where Fed Chairman Bernanke is due to speak at 10AM EST. So the markets have been trading in a bit of a range going into that meeting and the revised US GDP figures, which are due out at 8:30 AM EST.
Earlier in the UK, revised GDP figures came in slightly higher than expected and growing the most since 2001, as construction spending was higher. However, there is some thought that this is due largely in part to government spending, which is due to expire as austerity measures go into effect.
Overnight in Japan, CPI data showed that prices fell for the 17th straight month and bond prices fell as speculation of currency intervention and further quantitative easing is markedly higher. Japanese PM Kan weighed in on the situation, saying that the government is prepared to take “bold action”. Sur