What’s on the calendar today? Fed’s Powell highlights the day’s events and statements
Canada returns from its Victoria Day holiday yesterday but will not release any economic data today. The focus will be on US data and events:
- The flash manufacturing and services PMIs will be released at 9:45 a.m. ET. The manufacturing index is expected to dip to 57.6 from 59.2 last month. The services PMI is expected to drop from 55.6 to 55.1 this month
- New home sales will be released at 10 a.m. ET. The estimate is that the annualized sales pace will fall to 751K from 763K last month.
- The Richmond Fed manufacturing index will also be released at 10:00 a.m. with expectations of a decline to 9 from 14 last month.
On the calendar of events:
- Fed Chairman Powell will deliver a pre-recorded opening remarks at the National Center for American Indian Enterprise Development Reservation Economic Summit in Las Vegas. His remarks come a day before the Federal Reserve releases its minutes from the last meeting in which the Fed raised rates by 50 basis points. Expectations are for 2 more 50 basis point hikes in the next 2 meetings that we get the target rate up to 2% upside. The Fed’s Bostic and George hinted there could be a break in September depending on the data. Time will tell, as will the data.
- BOE MPC member Tenreyro is due to take part in a panel discussion at a conference hosted by Bocconi University in Milan at 1:15 p.m. ET
- The ECB’s Lagarde is expected to get more airtime at 2pm ET when she is due to deliver the keynote address at the World Economic Forum in Davos (see yesterday’s post HERE)
Remember that the Reserve Bank of New Zealand was due to raise rates by 50 basis points at 10 p.m. ET.