Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 12th of June, a highly anticipated day for the markets, as we get the May US inflation numbers, and the latest US interest rate and summary of economic projections.
Here is what to look out for today.

Sentiment
The dollar remained firm this morning after four days of gains, and US stock futures are poised to extend their record-breaking rally ahead of US data today.

Volatility in European assets appears to be subsiding after investors were caught off guard by the French far-right’s gains in the weekend’s European Parliament elections. The calm may be short-lived, however, as a double whammy of US CPI data and Fed rate forecasts could upend markets.

Docket
08:30 ET
US CPI for May
YoY – Median Forecast: 3.4% | Prior: 3.4% | Range: 3.5% / 3.2%
MoM – Median Forecast: 0.1% | Prior: 0.3% | Range: 0.2% / 0.1%
Core YoY – Median Forecast: 3.5% | Prior: 3.6% | Range: 3.6% / 3.4%
Core MoM – Median Forecast: 0.3% | Prior: 0.3% | Range: 0.3% / 0.2%
US CPI Prep Article – Read Here

10:30 ET
US EIA Weekly Crude Oil Inventories
Median Forecast: -1.5M | Prior: 1.233M | Range: 1.938M / -3M

14:00 ET
US Interest Rate Decision
The median forecast is for no change at 5.5%
US Interest Rate Prep – Read Here

FOMC Summary of Economic Projections

FOMC Rate Statement

Speakers
09:00 ET
ECB’s de Guindos joins a live-streamed MNI Connect Event.

14:30 ET
FOMC Press Conference with Fed’s Chair Powell following the US Interest Rate announcement.
Video will be available here

15:00 ET
ECB’s Nagel & Villeroy Speaks at a Montreal conference.
Watch Live

15:15 ET
BoC’s Governor Macklem is due to participate in a panel discussion titled “Overcoming Economic Volatility” at the Conference of Montreal.
The text of the speech is due at the release time listed. The speech is scheduled for delivery 15 minutes later.
Links available here

Good luck!