Morning Juice – US Session Prep
Good Morning Traders.
It is Wednesday the 15th of January. Here is what to look out for today.
Sentiment
Wall Street futures rose as major US banks reported results that exceeded expectations, as investors anticipated a key inflation reading that they believe will surprise to the downside.
Contracts on the Nasdaq 100 and the S&P 500 increased, while financial stocks advanced in premarket trade.
BlackRock, Wells Fargo, Goldman Sachs, and JPMorgan all beat expectations for Q4 in their earnings this morning.
While the anticipated inflation report is keeping traders leery of making huge wagers, Treasury 10-year rates have dropped roughly 3 bps.
Meanwhile, investors in Europe were encouraged by data showing that UK consumer prices climbed less than expected in December, fuelling hopes of a BoE rate cut next month.
The print sent the Pound down, while 10-year gilt yields fell 9 bps, providing comfort to a market that has taken the brunt of the current bond selloff.
Docket
08:30 ET
US CPI for December
YoY – Median Forecast: 2.9% | Prior: 2.7% | Range: 3% / 2.8%
MoM – Median Forecast: 0.4% | Prior: 0.3% | Range: 0.5% / 0.2%
Core YoY – Median Forecast: 3.3% | Prior: 3.3% | Range: 3.4% / 3.2%
Core MoM – Median Forecast: 0.3% | Prior: 0.3% | Range: 0.3% / 0.2%
New York Fed Manufacturing
Median Forecast: 3 | Prior: 0.2 | Range: 12 / -25
Canadian Wholesale Sales MoM
Median Forecast: -0.7% | Prior: 1% | Range: -0.5% / -0.7%
Canadian Manufacturing Sales MoM
Median Forecast: 0.5% | Prior: 2.1% | Range: 0.7% / -0.7%
10:30 ET
Weekly EIA Crude Oil Inventories
Median Forecast: -0.85M | Prior: -0.959M | Range: 2.164M / -3.5M
Speakers
09:20 ET
Fed’s Barkin repeats speech and takes questions at a Maryland event. Text and Q&A expected.
10:00 ET
Fed’s Kashkari gives welcoming remarks and participates in a fireside chat.
11:00 ET
Fed’s Williams gives keynote remarks at the CBIA Economic Summit and Outlook 2025. Text and Q&A expected.
11:30 ET
BoE’s Taylor delivers a speech at Leeds University on “inflation dynamics and outlook.”
12:00 ET
Fed’s Goolsbee speaks at the Midwest Economic Forecast Forum.
Good luck!
