Report published August 15, 2026
Goldman Sachs US Week Ahead: July FOMC Minutes, Core PCE Tracking, and Macro Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 15, 2026
- Analysis as of
- Not stated in source
Authors / editors: Jan Hatzius, David Mericle, Alec Phillips, Ronnie Walker, Elsie Peng, Pierfrancesco Mei, Jessica Rindels, Abhay Duggirala
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
This preview outlines the US economic calendar for August 17–23, spotlighting July import prices for PCE implications and the July FOMC meeting minutes. Goldman Sachs currently estimates July core PCE at +0.20% MoM (+3.24% YoY) and tracks Q3 GDP at +2.2%.
Key Takeaways
- 1.Key US macro events this week include Tuesday's import prices (providing final inputs for core PCE) and Wednesday's July FOMC meeting minutes.
- 2.Goldman Sachs estimates July core PCE rose 0.20% MoM, translating to a 3.24% YoY rate.
- 3.Goldman Sachs lowered its Q3 GDP tracking estimate by 0.5pp to +2.2% and Q2 tracking by 0.2pp to +1.3% following soft retail sales data.
Table of Contents
- Monday, August 17
- Tuesday, August 18
- Wednesday, August 19
- Thursday, August 20
- Friday, August 21
- Latest GS Tracking Tools
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Core PCE Price Index (GS Estimate) | 0.20% | Estimated MoM increase in core PCE price index for July based on CPI and PPI reports. |
| Core PCE Price Index YoY (GS Estimate) | 3.24% | Estimated YoY increase in core PCE price index for July. |
| Housing Starts (GS Forecast) | -8.0% | Forecasted monthly decline in housing starts reflecting payback from prior multi-family increase. |
| Industrial Production (GS Forecast) | 0.5% | Estimated monthly increase in industrial production driven by auto and electricity output. |
| Q3 GDP Tracking Estimate | 2.2% | Quarter-over-quarter annualized GDP tracking estimate lowered on soft retail sales. |
Reports in this series
US Week Ahead is shown in chronological order through this edition, published on August 15, 2026.
Part of the US Week Ahead series — view all 7 editions
Looking for the latest edition? US Week Ahead August 31 September 6(1) (Aug 30, 2026)
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Authors / Editors
Reported Data Context
- Core PCE Price Index (GS Estimate): 0.20 % (2026-07 (MoM)) · Source: Goldman Sachs
- Core PCE Price Index YoY (GS Estimate): 3.24 % (2026-07 (YoY)) · Source: Goldman Sachs
- Housing Starts (GS Forecast): -8.0 % (2026-07) · Source: Goldman Sachs
- Industrial Production (GS Forecast): 0.5 % (2026-07) · Source: Goldman Sachs
- Q3 GDP Tracking Estimate: 2.2 % (2026-Q3) · Source: Goldman Sachs
Themes
Regions
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