Morning Juice – US Session Prep
Morning, Traders!
It is Wednesday the 15th of May, here are some things to look out for.
Sentiment
US shares were poised to maintain gains from the previous session’s tech-led bounce, with traders betting that Wednesday’s critical US inflation report would not damage the argument for Federal Reserve interest rate reduction.
Futures contracts for the S&P 500 and Nasdaq 100 were barely changed, while the MSCI All Country World Index continued its longest streak of gains since January. The S&P 500 climbed today ahead of US consumer price index data, despite Jerome Powell’s warnings that interest rates would remain high for a longer period of time and a mixed report on producer inflation.
Treasury rates fell, and the dollar index weakened ahead of the inflation data, which is expected to indicate a small reduction in price hikes.
Docket
08:15 ET
Canadian House Starts, Annualized for April
Median Forecast: 240K | Prior: 242.2K | Range: 250.3K / 225K
08:30 ET
US CPI for April
YoY – Median Forecast: 3.4% | Prior: 3.5% | Range: 3.5% / 3.2%
MoM – Median Forecast: 0.4% | Prior: 0.4% | Range:0.5% / 0.3%
Core YoY – Median Forecast: 3.6% | Prior: 3.8% | Range: 3.8% / 3.5%
Core MoM – Median Forecast: 0.3% | Prior: 0.4% | Range: 0.4% / 0.2%
US Retail Sales MoM
Median Forecast: 0.4% | Prior: 0.7% | Range: 0.7% / -0.2%
10:00 ET
US Business Inventories MoM
Median Forecast: -0.1% | Prior: 0.4% | Range: 0.4% / -0.1%
US NAHB Housing Market Index for May
Median Forecast: 50 | Prior: 51 | Range: 53 / 48
10:30 ET
Weekly EIA Crude Oil Inventories
Median Forecast: -0.6M | Prior: -1.362M | Range: 1.6M / -2M
Speakers
10:00 ET
Fed Vice Chair for Supervision Barr testifies before the House Financial Services Committee during a hearing on oversight of financial regulators.
Text and Q&A from lawmakers are expected.
Watch Here
10:05 ET
Former US Fed’s Bernanke testifies to the UK Parliament’s Treasury Committee about his report into the Bank of England.
Watch Here
12:00 ET
Fed’s Kashkari discusses the economy in a fireside chat at the Williston Basin Petroleum Conference 2024.
There is no text expected, but there will be a Q&A.
Watch Here
15:20 ET
Fed’s Bowman speaks on innovation and the evolving financial landscape at the DC Blockchain Summit 2024.
There is no text expected, but there will be a Q&A.
Event Details Here
Good luck!
