10 Things You Need To Know - August 1, 2017

Key data releases this week include: pending home sales (Mon), Personal income and spending (Tue), ISM manufacturing (Tue), ISM non-manufacturing (Thu), durable goods (Thu), and nonfarm payrolls (Fri).
Haver
July 28, 2017
Economic growth accelerated during Q2'17 to 2.6% (2.1% y/y), the quickest advance in three quarters. Real GDP growth during Q1 was revised to 1.2% from 1.4%. Earlier estimates for 2015 and 2014 were revised slightly higher. Growth of 2.5% had been expected in the Action Economics Forecast Survey.
Haver
July 25, 2017
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 7.5% (AR) during the last three months, compared to a 6.2% gain during all of last year. In May, prices rose 0.4% (6.9% y/y) following a 0.6% April gain, revised from 0.7%.
Bloomberg
July 30, 2017
European Central Bank President Mario Draghi said five years ago that the ECB would do "whatever it takes" to keep the euro going. Since then, the ECB's balance sheet has expanded about €1.2 trillion.
Independent
July 26, 2017
Reuters
Tuesday, July 25, 2017
July 25, 2017
Politico Pro
The International Monetary Fund said the eurozone economy is picking up momentum but the time isn't right for the European Central Bank to start tightening monetary policy. The ECB "should remain firmly accommodative" until a sustainable inflationary trend develops that brings the economy to just below the ECB's target of 2%, the IMF said.
Deutsche Welle/Agence France-Presse/The Associated Press
July 25, 2017
Germany's business leaders are more confident about the prospects for their firms than at any time since East and West Germany were reunified in 1990. A business-confidence index managed by economic-research institute Ifo rose to a record 116 for July.
South China Morning Post
July 27, 2017
Reuters
Thursday, July 27, 2017
China says deleveraging the economy over economic growth will be a priority in the second half of the year as the country's 6.9% growth during the first six months overshot the government's 6.5% full-year target and debt levels are estimated to exceed 300% of GDP. "In the second half of this year, we will focus on the job of cutting leverage because it is the source of all risks," said Yang Weimin, a senior economic official.
Barron’s
July 31, 2017
At last week’s policy meeting, the Fed indicated that it could begin pairing its $4.4 trillion balance sheet relatively soon, presumably starting after its September 19-20 meeting. Another quarter-point hike is seen in December, although fed-funds futures put the odds at only 38.7%.
Barron’s
July 31, 2017
“My perspective is that we have a bubble of complacency, and people are acting as if there are no risks, while I see a world full of them, from slowdowns in China to a euro-zone crisis to Fed tightening. And yet, pretty much all assets look to be priced for perfection.”
Bloomberg
July 26, 2017
Billionaire Howard Marks is sounding the alarm as hazards from red-hot tech stocks to investor confidence in SoftBank’s $100 billion fund converge. “Since we never know when risky behavior will result in a market correction, I’m going to issue a warning today rather than wait until one is upon us. This warning is likely to feel premature, and perhaps it is, but I think it’s better to turn cautious too soon rather than wait until it’s too late.”