DAVY VIEW

August ends with a relatively quiet week, with limited top-tier data releases scheduled. We expect Ireland’s population and migration data for 2025 will show a population of 5.46m, or a 1.5% annual growth rate, in line with the latest ten-year average. For the US, updated estimates of Q2 GDP and July inflation are the main other releases of note. Last week, Federal Reserve Chair Powell opened the door to an increasingly likely cut to the federal funds rate in September. However, the stagflationary backdrop facing the US economy means a heightened possibility of policy error that may need reversing if inflation rates continue to increase.