Morning Juice – US Session Prep

Morning, Traders!
It is Wednesday the 23rd of October, here are some things to look out for today.

Sentiment
A selloff in the bond market has dented sentiment as investors worry the Federal Reserve may cut interest rates at a slower-than-expected pace.

US stock futures edged lower, causing the benchmark S&P 500 to fall for the third day in a row as investors braced for another surge in corporate earnings, including those from Tesla and Boeing.

S&P 500 & Nasdaq futures were down.
McDonald’s shares fell in premarket trading after the US Centres for Disease Control and Prevention said the restaurant chain’s quarter-pounder burgers were linked to a severe E. coli outbreak that sickened dozens and killed one.

Docket
09:45 ET
BoC Rate Decision
Median forecast sees a cut of 50 bps from 4.25% to 3.75%.
BoC OIS show markets see around 45 bps of easing priced in for this meeting.

BoC Rate Statement

10:00 ET
US Existing Home Sales for September
Median Forecast: 3.89M | Prior: 3.86M | Range: 3.95M / 3.73M

Eurozone Consumer Confidence October Prelim
Median Forecast: -12.5 | Prior: -12.9 | Range: -11 / -13.6

10:30 ET
US EIA Weekly Crude Oil Inventories
Median Forecast: 1M | Prior: -2.191M | Range: 5.1M / -3M

13:00 ET
US sells $13 bln 20-Year Bonds

14:00 ET
Fed’s Beige Book

Speakers
09:00 ET
Fed’s Bowman gives opening remarks
BoE’s Breeden speaks on an International Finance panel in Washington

10:00 ET
ECB’s President Lagarde and ECB’s Lane speak at the IMF World Bank week at the Atlantic Council.

10:30 ET
BoC Press Conference with Governor Macklem following the BoC Rate Decision.

11:30 ET
ECB’s Cipollone participates in panel “CBDC, Cross-Border Payment and the Future of Money in a Deglobalized World”

12:00 ET
Fed’s Barkin speaks about community colleges at 2024 Virginia Education and Workforce Conference
Text is expected, but no Q&A
ECB’s Escrivia speaks in Washington

13:00 ET
RBNZ’s Governor Orr speaks about monetary policy at the Peterson Institute.

14:15 ET
ECB’s Knot speaks in Washington

14:45 ET
BoE’s Governor Bailey speaks at an event with Institute of International Finance president and chief executive Tim Adams in Washington.

15:00 ET
ECB’s Centeno participates in a panel in Washington titled “The Sixth Roundtable on Sovereign Debt and the Impact on Development”

Good luck!