US inflation and Norwegian air traffic strikes dominate economic outlook

SB1 Markets Chief Economist Harald Magnus Andreassen anticipates that upcoming US inflation data, specifically the PCE figures, will remain too high to satisfy the Federal Reserve. He notes that US consumer spending growth has recently been sustained by a declining savings rate rather than increased household income, pointing out that the savings rate reached a historic low of 2.7 percent in June.

In the United States, Fed official Kevin Warsh is scheduled to speak at the Jackson Hole conference, where he is expected to focus on financial innovation rather than providing guidance on interest rate outlooks.

In Norway, the Norwegian Air Traffic Controllers Association (NFF) continues its strike, causing flight delays, cancellations, and partial airport closures. Negotiations between the parties are set to resume Monday, with a potential escalation involving eight additional controllers scheduled for Tuesday. Additionally, Norway is awaiting upcoming unemployment statistics from Statistics Norway (SSB).