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10.  US Personal Income & Spending The Federal Reserve’s monetary policy announcement is the most high profile event but there’s a very good chance the FOMC statement will remain virtually unchanged. Since the last Fed meeting, high vaccination rates encouraged more spending and travel. We haven’t seen it in the data yet because the latest retail sales report showed only 0.6% increase for July but there’s no question that economic activity accelerated over the past month. The problem is that the delta virus variant, expiration of the eviction moratorium this week and the end to extended unemployment benefits poses a major risk for economic activity in the fall. The Fed admitted that they talked about talking about taper at their last meeting and discussions likely continued in July.  However any major announcements will probably be relegated to the August Jackson Hole symposium, where policymakers will meet in person for the first time since the pandemic with details relea

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