The week wraps up with a big economic data release as well as a speech from FOMC Chairman Jerome Powell, which will likely be the focus of investors on Friday. As we stated in our Fed “Brain Cramp” yesterday, we believe that a September rate hike is likely, but the currently expected December rate hike will depend on how the 2yr – 10yr US Treasury Yield Curve and emerging country currencies such as Turkey, respond to the probable September hike.

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