Financial markets have continued to gravitate toward the ‘Goldilocks’ scenario where economic growth is neither “too hot” nor “too cold” and where inflation gradually moderates to more target-friendly levels. But while that view may have appeared overly optimistic a few weeks ago, much of the incoming data more recently appears to support this narrative. In our charts this week we focus on:
·       Upbeat GDP data for Q2
·       The messaging from August’s sentix surveys
·       Ebbing US unit labour cost pressures
·       Target-friendly inflation outcomes
·       Inflation expectations and oil prices
·       China’s soggy imports and PPI deflation

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