August 22, 2025
United States:
Bond Market Rate-Cut Bets Face Powell Reckoning at Jackson Hole
Bond investors are heading into Friday’s much-anticipated Jerome Powell speech largely expecting the Federal Reserve chair will indicate policymakers will start cutting interest rates next month.
Powell’s speech, slated for 10 a.m. New York time at the central bank’s annual gathering in Jackson Hole, Wyoming, has been the focal point this week, for good reason.
Europe:
Euro-Zone Wage Growth Quickens, Backing ECB Caution on Rates
A key measure of euro-area pay growth jumped, supporting caution by the European Central Bank on further reducing interest rates.
Second-quarter negotiated wages rose 4% from a year ago, the ECB said Friday. That’s up from 2.5% in the first three months of the year, though still below the 5.4% peak recorded in 2024.
Asia:
Japan’s Inflation Hovers Well Above BOJ’s Goal Even as It Slows
The pace of Japan’s consumer inflation stayed well above the Bank of Japan’s 2% target even as price growth moderated, supporting market speculation that the central bank will hike its benchmark interest rate again this year.
Consumer prices excluding fresh food rose 3.1% from a year earlier in July, slowing from a 3.3% gain in the previous month, the Ministry of Internal Affairs and Communications reported Friday.
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