Ahead of the Jackson Hole Symposium, the Nasdaq led Wall Street’s decline. Investors halted their bullish expectations in stocks, weighing concerns over the prospect of Fed Chair Powell setting a Hawkish tone at this week’s Jackson Hole Symposium. The potential for FFR to be Hawkish next September pushed UST10Y yield back to near the psychological 3% level, while pushing the Nasdaq down more than 2% over the weekend. A number of members encouraged the Fed to resume Front Loading the 75 bps FFR hike next September, in order to put pressure on inflation to drop significantly.

Current Account Balance 2Q22 at +USD3.9 billion Surplus; supported by Non-Oil and Gas Exports as global commodity prices remain high. This current account surplus is the fourth time in a row since 3Q21 +USD4.9 billion; 4Q21 +USD1.5 billion; and 1Q22 +USD407 million. Meanwhile, the BI 7DRRR in August is projected to remain at 3.50% amidst the Rupiah depreciating again to IDR14,800/USD, prompting a number of investors to take profit actions. The JCI closed down 14 points at the weekend, after consistently moving in the Green Zone throughout trading. NHKSI Research projects that JCI movement is Limited Upside since it is in the Resistance area, with Support: 7.125 / 7.080 / 7.040 / 7.000 / 6.930 and Resistance: 7.200- 7.230 / 7.260 / 7.300-7.350.

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