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Goldman Sachs CEO doesnt expect a recession soon

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London (CNN Business)Happy Sunday. A version of this story first appeared in CNN Business Before the Bell newsletter. Not a subscriber? You cansign up right here.

To think that central banks could save the bull market is tempting. After all, the promise of rate cuts and other stimulus measures have helped stocks before. And investors clearly need more than atariff delayto relieve recentdoom and gloom.

The problem is, central bank policy isnt whats holding back the global economy, and more monetary stimulus wont help, according to Peter Boockvar, chief investment officer at Bleakley Advisory Group.

The Fed doesnt have the cure for what ails us, just as the [European Central Bank] and the [Bank of Japan] dont at this point, he told me.

Central bank rate cuts are inflating a cheap money bubble

The federal funds rate in the United States is already low by historical standards, at a range of2% to 2.25%. Europe has had ultra-low and even negative interest rates for years. Cheap borrowing really isnt the problem.

Theres no business investment thats being held back because of where rates are, Boockvar said.

Despite this, central banks are likely to deliver what investors want when they meet again in September.

As my colleague Paul R. La Monica in New York says: Traders are pricing in a 100% chance that the Fed will once again cut rates at that meeting. The question is, by how much? There is currently a nearly 80% chance of another quarter-point cut, which means investors believe theres also a 20% possibility the Fed lowers rates by a half of a percentage point.

And it wont just be the Fed. Olli Rehn, a top ECB official, said last week that it would be important to come up with a significant and impactful policy package in September.

Whats next? Heres more from Paul: Minutes from the Feds latest meeting the one where the central bank cut interest rates for the first time since 2008 will be released Wednesday afternoon. Fed followers (including perhaps President Donald Trump?) will likely pore over the minutes for clues about future rate cuts.

… Keep in mind though that these minutes are from a meeting that took place three weeks ago way back on July 31. A LOT has happened since then. The United States and China declared another trade truce. The yield curve for the two-year and 10-year Treasuries inverted, while the 30-year yield hit a record low. And stocks have been on a roller coaster.

: Theres growing speculation that Powell could use a speech this Friday in Jackson Hole, Wyoming, to signal the Feds next moves. Expect anticipation to build throughout the week.

Its not getting any easier for businesses in Hong Kong

Last week, the tense political situation in Hong Kong took its first big business casualty. The question now: Will there be more?

Cathay Pacific CEO Rupert Hoggresigned on Fridayafter a tumultuous week for Hong Kongs leading airline. The company was caught in the political firestorm over worker participation in the citys pro-democracy protests, which have angered Beijing. Flights were canceled when protesters overran the airport, and bookings are down.

The citys business elite is clearly getting nervous. Li Ka-shing, Hong Kongs richest person, hasadded his voiceto calls for calm as the protests start to hit Hong Kongs economy.

In the name of love, please turn away from anger, read an advertisement Li placed in several local newspapers on Friday.

Eurozone inflation; Estee Lauder, Weibo and Baidu earnings

Home Depot, Kohls, TJX, Urban Outfitters earnings

Fed minutes for July; US existing home sales; Lowes, Target, Nordstrom, L Brands earnings

German manufacturing data flash; Eurozone consumer confidence; Dicks Sporting Goods, Gap, HP and Salesforce earnings

Powells Jackson Hole speech; Japan inflation; US new home sales; Foot Locker earnings