Morning Juice – US Session Prep (24th June)
Sentiment
Oil slumped and equities gained as Trump expressed confidence that a fragile truce between Israel and Iran would hold, reinforcing investors’ optimism for a lasting resolution to the conflict.
Brent crude slid and erased all gains accumulated since the onset of Israel’s attacks on Iranian nuclear sites, after Trump announced that the two warring nations agreed to a ceasefire.
The benchmark later trimmed losses to trade above $69 a barrel as Israel reported a missile launch from Iran and instructed its military to respond.
Iran denied firing the missiles following the truce, according to state media, while Trump implored Israel in a social media post not to follow through, calling it a “major violation.” Trump subsequently posted that “Israel is not going to attack Iran.”
S&P 500 futures rose, signaling a second day of gains for the US benchmark.
European stocks and Asian stocks also advanced.
The dollar headed for its biggest drop since the outbreak of the conflict.
The yield on 10-year Treasuries dropped two basis points to 4.33% as investors’ awaited Federal Reserve Chair Powell’s testimony before lawmakers.
The rapid-fire sequence of events followed a turbulent stretch in financial markets, which have been roiled for nearly two weeks by fears of an escalating conflict. Volatility was particularly high in oil, as concerns over supply and shipping disruptions had pushed Brent crude to nearly $80 a barrel.
Docket
08:30 ET
Canadian CPI for May
YoY – Forecast: 1.7% | Prior: 1.7% | Range: 1.9% / 1.5%
MoM – Forecast: 0.5% | Prior: -0.1% | Range: 0.7% / 0.2%
10:00 ET
US CB Consumer Confidence for June
Forecast: 99.8 | Prior: 98 | Range: 103.5 / 95.8
Speakers
09:00 ET
ECB’s President Lagarde speaks on the occasion of the conferral of the De Sanctis Award “Europa” to her in Brussels, Belgium.
No text will be made available.
09:15 ET
Fed’s Hammack speaks on monetary policy at the Barclays-CEPR Monetary Policy Forum 2025 in London.
Text and Q&A are both expected.
09:35 ET
BoE’s Ramsden delivers a speech and speaks on a panel at the Barclays CEPR Monetary Policy Forum. Ramsden will also speak on a panel at 10:15 ET.
09:55 ET
ECB’s Lane gives keynote speech at Barclays-CEPR Monetary Policy Forum 2025 in London.
The text will be made available on the ECB’s website.
10:00 ET
Fed Chair Powell testifies before the House Committee on Financial Services for “The Federal Reserve’s Semi-Annual Monetary Policy Report.”
Text and Q&A are both expected.
BoE Governor Bailey gives evidence to the House of Lords Economic Affairs Committee.
10:15 ET
ECB’s Lane joins panel at Barclays-CEPR Monetary Policy Forum 2025 in London.
No text will be made available.
11:40 ET
BoE’s Pill speaks on a panel at a conference called Britain’s Return to the Gold Standard in 1925 Revisited.
11:50 ET
BoE’s Breeden speaks in a fireside chat at the UK Finance digital innovation summit.
12:30 ET
Fed’s Williams gives keynote remarks at an event organized by the Center for Economic Growth and NY CREATES in Albany, New York.
Text and Q&A are both expected.
13:45 ET
Fed’s Kashkari participates in a town hall at LA Crosse Chamber of Commerce
No text is expected, but there is a Q&A.
14:00 ET
Fed’s Collins speaks at event co-hosted by the Joint Center for Housing Studies at Harvard University and several Federal Reserve Banks
Text is expected, but no Q&A.
16:00 ET
Fed Governor Michael Barr gives welcoming remarks at KC Fed’s Fed Listens event
Text is expected, but no Q&A.
Good luck!
