Action Economics Survey results:
Action Economics Survey results: Fed chair Yellen did not give any outward hints on the policy course in her Jackson Hole remarks this morning that focused on regulations. That seemed to have left the markets with a "steady as she goes" outlook, which implies only modest risk for another rate hike this year. Yet our Survey Results continue to show analysts economists/Fedwatchers are at odds with that view. The Median estimate for the December 12, 13 FOMC meeting is still showing a 25 bp rate hike is in the cards (88% of forecasts). There is a heavy slate of data out next week heading into the Labor Day holiday. The August jobs report will again headline and the Survey says look for nonfarm payrolls to rise by 183k, with the unemployment rate holding at 4.3%, while earnings should post a 0.2% increase. Q2 GDP is expected to be revised a bit higher to a 2.8% rate.