ECONOMIC WEEK AHEAD: August 18 - 22

Wolf pack sightings aren’t uncommon in Grand Teton National Park. But this week, Fed Chair Jerome Powell may find himself fending off a large pack of them again as Federal Reserve officials gather for their annual retreat in Jackson Hole, Wyoming.

The two-plus weeks since July's week employment surprise have given economic pessimists room to roam. Weaker-than-expected data, though, now confront hotter inflation sightings. Given the core CPI rising 3.1% y/y in July and the most significant jump in producer prices in three years—0.9% m/m—markets are waiting with bated breath for Powell's speech (Fri).