Morning Juice – US Session Prep (22nd September)
Sentiment
US stocks are set to pull back from all-time highs as traders search for new catalysts to drive markets at the start of a relatively quiet week on the event calendar. Gold hit a fresh record.
Futures for the S&P 500 slipped after interest-rate cut optimism pushed the benchmark to a fresh high at the end of last week.
Cryptocurrencies sank as traders saw more than $1.5 billion in leveraged long positions liquidated.
After the Federal Reserve cut rates for the first time this year, this week’s data calendar looks thin, with Friday’s release of policymakers’ preferred gauge of underlying inflation the main item.
With the central bank’s dovish stance largely shaped by a weakening labor market, next week’s payrolls report looms as the bigger catalyst, alongside the start of the earnings season next month.
Gold powered past $3,700 an ounce as ETF inflows hit a three-year high. Silver rose to its highest since 2011. With lower rates typically boosting non-interest-bearing precious metals, market bets for almost two more cuts this year – alongside haven demand from geopolitical risks and trade tensions – have fueled a rally of more than 40% in bullion for 2025.
Docket
10:00 ET
Eurozone Consumer Confidence September Prelim
Forecast: -15 | Prior: -15.5 | Range: -14.6 / -17
Speakers
08:30 ET
BoE’s Pill speaks on an online panel on monetary policy frameworks.
09:45 ET
ECB’s Lane participates in policy panel at BIS-ECB-SUERF high-level online workshop on Monetary policy frameworks.
No text will be made available.
09:45 ET
Fed’s Williams speaks in a “High-level policy” panel organized by the The European Money and Finance Forum.
Q&A: Yes, moderated; Text: No
10:00 ET
Fed’s Musalem will share his outlook for the US economy and monetary policy. Following his remarks, he will be interviewed by David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at Brookings, and take questions from the audience.
Text: TBD, Q&A: Yes
12:00 ET
Fed’s Hammack hosts event at the Cleveland Fed headquarters 1455 East Sixth Street (Superior Avenue Entrance)
Text: TBD; Q&A: TBD
12:00 ET
Fed’s Barkin speaks at Howard County Chamber in Maryland.
12:00 ET
ECB’s Nagel gives speech entitled ‘A strong euro for the sovereignty of Europe’
12:00 ET
Fed’s Miran speaks at a luncheon and webinar at The Economic Club of New York. The luncheon will begin at 11:30, the webinar at 12.
Q&A: Moderated only, Text: yes
13:00 ET
White House Press Briefing by Press Secretary Leavitt
14:00 ET
BoE Governor Bailey speaks in a fireside chat at a London School of Economics event titled “Supervisors on supervision – culture in the financial sector. ”
16:00 ET
Trump makes an announcement on Significant Medical and Scientific Findings for America’s Children.
Good luck!
