The main event today is the unexpected nomination of a new Fed chair by Donald Trump. It is not yet certain whether Trump will formally announce his decision today, but reports suggest that the frontrunner is Kevin Warsh, who is widely viewed as hawkish.
Trump may announce his nomination as early as this morning US time (January 30). On the betting platform Polymarket, the probability of Kevin Warsh being chosen by Trump has surged from around 30% to as high as 94%. Just yesterday, the leading candidate was Rick Rieder, who was assigned nearly 48% odds by the market.
The most important macroeconomic release of the day will be US PPI inflation data. Half an hour earlier, German CPI inflation will also be published.
Earnings season continues in the background, with today’s focus shifting to the energy sector. Chevron and Exxon Mobil will release their quarterly results.
Detailed calendar for the day:
- 09:00/09:00 AM GMT – GDP data from Spain, Germany and the Eurozone
- 01:00 PM GMT – German CPI inflation
- 01:30 PM GMT – US PPI inflation
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