What is on the calendar today? Fed’s Powell highlights the events and releases for the
Canada returns from their Victoria Day holiday yesterday, but will not be releasing any economic data today. The focus will be on US data and events:
- Flash manufacturing PMI and services indices will be released at 9:45 AM ET. The manufacturing index is expected to dip to 57.6 from 59.2 last month. The services PMI is expected to fall from 55.6 to 55.1 this month
- New home sales will be released at 10 AM ET. The estimate is for the annualized sales pace to fall to 751K vs. 763K last month
- Richmond Fed manufacturing index will also be released at 10 AM with expectations of a decline to 9 from 14 last month
On the event calendar:
- Fed chair Powell will deliver pre-– recorded opening remarks at the National Center for American Indian Enterprise Development Reservation Economic summit in Las Vegas. His remarks come a day before the Federal Reserve release their minutes of the last meeting when the Fed raised rates by 50 basis points. The expectations are for 2 other 50 basis point hikes at the next 2 meetings that we get the target rate up to 2% on the topside. Fed’s Bostic and George implied there could be a pause in September dependent on data. Time will tell as will the data.
- BOE MPC member Tenreyro is due to participate in a panel discussion at a conference hosted by Bocconi University in Milan at 1:15 PM ET
- ECBs Lagarde is expected to get more airtime at 2 PM ET when she is due to deliver the opening remarks at the World Economic Forum in Davos (see post from yesterday HERE)
Remember, the Reserve Bank of New Zealand was expected to raise rates by 50 basis points at 10 PM ET.