Macro Briefing: 21 August 2024

* Markets prepare for today’s revision of US employment statistics
* Slowing US jobs market will be topical for central bankers at Jackson Hole
* FAA orders inspections of Boeing 787s after midair dive
* Berkshire Hathaway reduces stake in Bank of America
* US stocks slip on Tuesday, breaking 8-day winning streak:

Gold continued rising on Tues. (Aug. 20), reaching yet another record high. “The bottom line for gold is it typically outperforms the S&P 500 when it’s at a severe discount, which it is now when unemployment rises and the yield curve, which is steeply inverted, disinverts,” says Bloomberg Intelligence senior macro strategist Mike McGlone. “So all the all the inklings for gold are quite strong upward, particularly if we start getting a little look back and feel in stock market, which would mean somewhat deflationary forces.”

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