Federal Reserve Chair Janet Yellen’s remarks at the annual Jackson Hole Economic Policy Symposium delved into history but offered few clues about the future course of Fed policy.

Second-quarter earnings support our underweight to energy-related credits in general and our macro view that Brent crude will likely remain range-bound.

The use of credit to fuel growth in China is weakening, a trend that has begun to depress demand for imports.

While there is no additional hint in the July Fed minutes that the FOMC has agreed to make a balance sheet announcement in September, that continues to be the most likely outcome.

With inflation continuing to underwhelm, odds are growing that come September, the FOMC will throw in the towel on an additional rate hike this year.

Another underwhelming rise in the U.S. core Consumer Price Index (CPI) reported on Friday increases the chances that Federal Reserve policymakers use the September meeting to signal they plan to abstain from additional interest rate hikes until next year.

Expansion could accelerate as more countries join the index.

Prime Minister Shinzo Abe's declining clout could affect BOJ policy.