What's happening in Europe?

Well, the small matter of a US inflation report that seems to be absolutely key for next week's Federal Reserve meeting, um, despite quite a hawkish speech from Chair Walsh at the Jackson Hole Conference that we covered or previewed on, on the last episode, and this payroll print that you mentioned at the start where we saw a broadening out of, of job gains, uh, uh, across the US economy.

Markets are still a little bit indecisive about whether the Fed go ahead with, uh, w- with a hike at next week's meeting.

So our economists think that core PCE at the time of recording is on track to print around 20 basis points, 21 basis points for the month, which they see as being just enough to tip the hand in, in favor of a hike, but it'll be a close call.

I think that this is probably one of the most hotly watched inflation reports, um, over the past several months just because it seems to have come, be coming right down to the wire as to whether we get that, that Fed hike next week.

Elsewhere, you know, despite the sort of strength of the US data o- of late, the dollar has been a little bit of an underperformer, in part because, uh, the Japanese yen has really had quite a strong week, um, over the past five days or, or so.

A mix of, of different stories that I think will remain top of mind for, for global investors.

On one hand, you've had quite an unusual story about, um, the government pension fund holding a- an unusual meeting in, in August amid potential stories about potential reallocation towards JGBs and a hawkish repricing of the Bank of Japan that sees the market now price 2% plus terminal rates for the first time.

So a couple of these pillars and themes that we've talked about on previous episodes coming back into play in Japan ahead of next week's Bank of Japan meeting where our economist also sees a, a 25 basis point hike.