Economic calendar: Fed decision, inflation projections and Powell speech in markets spotlight

• Stock markets climb despite oil prices hovering near the highest since January levels
• Fed decision, new inflation projections and Powell's press conference in market spotlight
• Eurozone inflation (11:00 CET), US jobless claims (14:30 CET) in macro focus
• Geopolitical tensions remain high: Iran has stated that if it confirms direct U.S. involvement in recent attacks on its territory, it will retaliate by directly striking American military forces.

Economic Calendar Highlights

9 AM GMT – Eurozone Inflation (YoY):

• Headline CPI: 1.9% forecast vs 1.9% previous

• Core CPI: 2.3% forecast vs 2.3% previous

12:30 PM GMT – U.S. Jobless Claims:

• Initial claims: 245K forecast vs 248K previous

• Continuing claims: 1.94M forecast vs 1.956M previous

12:30 PM GMT – U.S. Housing Starts:

• 1.35M forecast vs 1.361M previous → -0.8% MoM vs 1.6% previous

• Building Permits: 1.42M expected vs 1.42M previous → 0% MoM vs -4% previous

2:30 PM GMT – U.S. Crude Oil Inventories:

• -2.5M barrels forecast vs -3.644M previous

4 PM GMT – U.S. Natural Gas Inventories:

• +97B cubic feet vs 109B previous

6 PM GMT – Federal Reserve Interest Rate Decision:

• Held steady at 4.5%

Fed Median Rate Forecasts:

• Next year: 3.375% (unchanged)

• In 2 years: 3.125% (unchanged)

• Long-term: 3.125% (previously 3.00%)

• Current estimate: 3.94% (up from 3.875%)

6:30 PM GMT – Fed Chair Jerome Powell’s Speech

Central Bank Speakers Today

• 9:30 AM GMT – ECB's Villeroy

• 10:15 AM GMT – ECB's Knot

• 1 PM GMT – ECB's Panetta

• 3 PM GMT – ECB's Lane

• 3:15 PM GMT – Bank of Canada's Macklem

• 6 PM GMT – ECB's De Guindos

• 6:30 PM GMT – Fed Chair Powell