Last week, financial markets behaved as they normally do during the last full week of summer – i.e. they went nowhere fast – despite another great slate of economic data. Looking ahead, with the relatively light economic calendar this week ( the only key reports due out this week are the weekly jobless claims report and the July merchandise trade report); the market’s focus may turn to more "macro" issues. This week is full of just those issues, beginning with the release of both the Fed’s Beige Book – qualitative assessment of the economy since the last Federal Open Market Committee (FOMC) meeting, and the OPEC meeting in Vienna, Austria on Wednesday. In addition, the return of Congress and the President to Washington will kick off what is likely to be a contentious fall of legislative policy debate that has the potential to move markets.
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