The ISM manufacturing index (today) is expected to improve to 53.9 from 53.3, while the ISM services index (Wednesday) is forecast at 54.5, little changed from June’s 54.0. The Fed left rates unchanged last week, but three officials dissented in favor of a hike, highlighting continuing concerns about inflation. There are several speaking engagements with Fed officials this week, including events with Governors Cook and Bowman. We estimate that the ISM services index increased by 1.0pt to 55.0 in July, reflecting the increase in our non-manufacturing survey tracker (+1.5pt to 54.4). 04:05 PM Fed Governor Cook speaks: Fed Governor Lisa Cook will discuss the economic outlook at the Anchorage Economic Development Corporation 2026 Economic Luncheon.