Economic calendar: Fed, BoC and Mag 7 companies to fight for investors' attention (29.10.2025)

Wednesday’s session may mark the peak of market volatility this week, as investor attention will be pulled between major Big Tech earnings and the U.S. Federal Reserve’s interest rate decision. For now, U.S. index futures indicate steady optimism, supported by high expectations for the cloud giants Alphabet and Microsoft ahead of their earnings reports.

The swaps market has been pricing in today’s rate cut with near certainty for weeks; therefore, the key focus of Jerome Powell’s press conference will be whether there is room for another cut in 2025. Recent inflation data have strengthened expectations for further easing, making today’s meeting a potential turning point toward a dovish Fed pivot.

Alongside the Fed, markets also await the Bank of Canada’s rate decision, as the central bank faces pressure from a cooling labor market.

Companies reporting earnings today include: Alphabet, Microsoft, Meta, Caterpillar, Boeing, Starbucks, and UBS.

Economic calendar for today:

09:00, Spain – GDP data (Q3):

• Spain GDP (YoY): actual 2.8%; forecast 3.0%; previous 3.1%

• Spain GDP (QoQ, Q3): actual 0.6%; forecast 0.6%; previous 0.8%

09:00, Spain – Retail Sales data for September:

• Retail Sales (YoY): actual 4.2%; previous 4.5%

11:30, Germany – 10-year Government Bond Auction (Bund):

• previous 2.720%

14:45, Canada – Interest Rate Decision for December:

• forecast 2.25%; previous 2.50%

14:45, Canada – BoC Statement

14:45, Canada – BoC Monetary Policy Report

15:00, United States – Housing Market Data for September:

• Pending Home Sales Index (MoM): forecast 1.6%; previous 4.0%

15:30, United States – EIA Report:

• Heating oil inventories: previous 0.088M

• Crude oil inventories: forecast -0.900M; previous -0.961M

• Refinery crude throughput (w/w): previous 0.600M

• Crude oil imports: previous 0.656M

• Cushing crude inventories: previous -0.770M

• Distillate fuel production: previous 0.040M

• Distillate fuel demand (EIA): forecast -1.800M; previous -1.479M

• Gasoline production: previous 0.235M

• Refinery utilization rates (w/w): previous 2.9%

• Gasoline inventories: forecast -1.900M; previous -2.147M

15:30, Canada – BoC Press Conference

16:30, United States – GDP data:

• Atlanta Fed GDPNow (Q3): forecast 3.9%; previous 3.9%

19:00, United States – Interest Rate Decision for December:

• forecast 4.00%; previous 4.25%

19:00, United States – FOMC Statement

19:30, United States – FOMC Press Conference

20:30, Eurozone – Speech by ECB President Lagarde