Good morning, macro enthusiasts. Here's your daily roundup covering the United States, Europe, and key emerging markets. We cut through the noise to deliver the essential facts, key surprises, and meaningful context from each region in one place.

🇺🇸 Three Fed hawks just made hiking talk plausible again

The Fed's July minutes show a 9-3 vote to hold rates, but three regional presidents wanted a quarter-point hike, not a cut, with staff inflation estimates near 4% heading into Jackson Hole.

🇺🇸 Three Fed hawks just made hiking talk plausible again
The Fed's July minutes show a 9-3 vote to hold rates, but three regional presidents wanted a quarter-point hike, not a cut, with staff inflation estimates near 4% heading into Jackson Hole.
Macro Soup

🇪🇺 Eurozone inflation hits 2.9%, and the ECB's rate-cut story is running out of road

Eurozone inflation climbed to 2.9% in July as energy costs jumped 10.3%, pushing the European Central Bank to reverse its rate-cut cycle. Markets now price roughly 85% odds of a second hike in September, even with German sentiment data still pointing to recession.

🇪🇺 Eurozone inflation hits 2.9%, and the ECB's rate-cut story is running out of road
Eurozone inflation climbed to 2.9% in July as energy costs jumped 10.3%, pushing the European Central Bank to reverse its rate-cut cycle. Markets now price roughly 85% odds of a second hike in September, even with German sentiment data still pointing to recession.
Macro Soup

🇬🇧 UK retail sales slump even as services PMI hits a six-month high

UK retail sales growth cooled sharply to 1.6% year-on-year in July, well below the 2.2% forecast, even as the S&P Global flash services PMI climbed to a six-month high of 52.8. The Bank of England's rate committee heads into September with a genuinely mixed picture.

🇬🇧 UK retail sales slump even as services PMI hits a six-month high
UK retail sales growth cooled sharply to 1.6% year-on-year in July, well below the 2.2% forecast, even as the S&P Global flash services PMI climbed to a six-month high of 52.8. The Bank of England's rate committee heads into September with a genuinely mixed picture.
Macro Soup

🌏 India's central bank builds a war chest as its factories stall

India's services PMI jumped to 54.5 while manufacturing slumped to 52.9, a five-year low. The RBI's foreign-exchange reserves climbed to $716.9bn on a deliberate, bond-funded buildup ahead of Fed Chair Jerome Powell's remarks at Jackson Hole.

🌏 India's central bank builds a war chest as its factories stall
India's services PMI jumped to 54.5 while manufacturing slumped to 52.9, a five-year low. The RBI's foreign-exchange reserves climbed to $716.9bn on a deliberate, bond-funded buildup ahead of Fed Chair Jerome Powell's remarks at Jackson Hole.
Macro Soup

🇨🇳 China holds rates for a 15th month while foreign capital keeps heading for the door

China's central bank held its benchmark one-year rate at 3.00% for a 15th straight month in August, even as foreign direct investment fell 6.2% year-on-year in July and both retail sales and industrial output missed forecasts.

🇨🇳 China holds rates for a 15th month while foreign capital keeps heading for the door
China's central bank held its benchmark one-year rate at 3.00% for a 15th straight month in August, even as foreign direct investment fell 6.2% year-on-year in July and both retail sales and industrial output missed forecasts.
Macro Soup

That's your daily macro roundup. For more detailed regional deep dives, check out our weekly editions. If you found this useful, feel free to forward it along. More signal, less noise, as ever. Cheers.