Morning Juice – US Session Prep
Good Morning Traders.
It is Thursday the 26th of September. Here is what to look out for today.
Sentiment
Equity futures pointed to a strong start for Wall Street on Thursday, as a fresh stimulus wave from China and an upbeat forecast from Micron Technology Inc. boosted sentiment, particularly on the tech sector. Markets are also enjoying a fresh burst of optimism as policymakers globally move to support economic growth. Chinese policymakers have pledged to support fiscal spending and stabilize the property sector, adding to a slew of measures announced earlier in the week. Meanwhile, traders are ramping up bets the Federal Reserve and European Central Banks will deliver more interest-rate cuts in the coming months.
Traders are waiting for a pre-recorded address by Federal Reserve Chair Jerome Powell and jobs data later Thursday for clues on the policy outlook. Money markets are broadly split between a 25- and 50-basis-point Fed reduction at the next meeting.
Docket
08:30 ET
US GDP Advance for
QoQ – Median Forecast: 2.9% | Prior: 3% | Range: 3% / 2.8%
Price Index – Median Forecast: 2.5% | Prior: 2.5% | Range: 2.5% / 2.4%
Core PCE Prices – Median Forecast: 2.8% | Prior: 2.8% | Range: 2.8% / 2.7%
Weekly Jobless Claims
Initial – Median Forecast: 223K | Prior: 219K | Range: 230K / 218K
Continued – Median Forecast: 1.829M | Prior: 1.828M | Range: 1.845M / 1.815M
Speakers
09:10 ET
Fed’s Collins and Fed’s Kugler will participate in a fireside chat focusing on the intersections between bank supervision and financial inclusion.
09:15 ET
Fed’s Bowman speaks on economic outlook and monetary policy to Mid-size Bank Coalition of America Board of Directors Workshop. Both text and Q&A expected.
09:20 ET
Fed’s Powell will give pre-recorded opening remarks at the 10th annual US Treasury Market Conference. The event is co-hosted by the US Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the US Securities and Exchange Commission, and the US Commodity Futures Trading Commission. Text is expected.
09:25 ET
Fed’s Williams will give remarks at the 10th annual US Treasury Market Conference. The event is co-hosted by the US Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the US Securities and Exchange Commission, and the US Commodity Futures Trading Commission. Text is expected.
09:30 ET
ECB’s Lagarde, in her capacity as chair of the European Systemic Risk Board (ESRB), opens New Frontiers in Macroprudential Policy conference.
10:15 ET
ECB’s de Guindos Participation in panel on ‘Macroprudential policy beyond banking’ at 8th annual ESRB conference ‘New Frontiers in Macroprudential Policy’ in Frankfurt.
10:30 ET
Fed’s Barr will give remarks at the 10th annual US Treasury Market Conference. The event is co-hosted by the US Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the US Securities and Exchange Commission, and the US Commodity Futures Trading Commission. Both text and Q&A expected.
Fed’s Cook participates in roundtable discussion hosted by Cleveland Fed and Columbus State community College on Artificial intelligence and workforce development.
12:00 ET
ECB’s Isabel Schnabel speaks at Wirtschaftsrat der CDU e.V. in Stuttgart, Germany.
13:00 ET
Fed’s Kashkari host a fireside chat with Fed’s Barr on exploring the relationship between banking supervision and inclusive lending practices, including the Community Reinvestment Act.
