Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 10th of July, here are some things to look out for today.

Sentiment
US equity index futures look set to extend their advance, after once again closing at record highs yesterday.
The Fed’s Chairman yesterday stuck to the script, and did not say much to give the market hints on the future Fed policy path. US Interest rate futures are little changed.

Yields on two-year Treasuries traded near a three-month low, fueling speculation that the US yield curve will normalise to a steeper slope.
The trade is based on the idea that rate cuts, when they occur, lower yields on short-term securities, whereas fiscal spending raises longer-term yields.

Docket
10:00 ET
US Wholesale Inventories MoM May Final
Median Forecast: 0.6%$ | Prior: 0.6% | Range: 0.6% / 0.1%

10:30 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: 1M | Prior: -12.157M | Range: 2M / -3M

13:00 ET
US sells $39 bln 10-Year Notes

Speakers
09:30 ET
Bank of England Chief Economist Pill delivers a speech at Asia House

10:00 ET
Federal Reserve Chair Powell testifies before the House Financial Services Committee.
Text and Q&A are both expected.
Text is likely to be the same as the text released yesterday.

11:30 ET
Bank of England’s Mann speaks as a panelist at the Vital topic lectures Alliance Manchester Business School on the Transformation Power of Productivity, ‘How high is the hurdle for UK business investment?’

14:30 ET
Fed’s Goolsbee and Fed’s Bowman will give opening remarks at a Fed Listens event focused on the childcare industry, working parents, and employers.
Text is expected, but no Q&A.

Good luck!