Economic Calendar: Fed Rate Decision, UK & EU Inflation Data in Focus

Today's calendar is dominated by the highly anticipated Federal Reserve interest rate decision, where markets expect the rate cut of 25bps to 4.50%. While the cut itself is largely priced in, investors will closely scrutinize the Fed's economic projections and Powell's press conference for clues about the pace of easing in 2025. Earlier in the day, attention will be on UK inflation data, which could influence the Bank of England's policy path, followed by eurozone's final CPI reading. US housing data and oil inventory figures will provide additional insight into economic conditions ahead of the Fed's announcement.

Economic calendar:

UK Data (07:00 GMT)

• CPI (YoY) (Nov) - Forecast: 2.6%; Previous: 2.3%

• Monthly CPI (Nov) - Forecast: 0.1%, Previous: 0.6%

• CPIH (YoY) - Previous: 2.6%

• PPI Input (MoM) (Nov) - Forecast: 0.2%, Previous: 0.1%

Eurozone Data (10:00 GMT)

• Core CPI (YoY) (Nov) - Forecast: 2.7%, Previous: 2.7%

• CPI (YoY) (Nov) - Forecast: 2.3%, Previous: 2.0%

• CPI (MoM) (Nov) - Forecast: -0.3%, Previous: 0.3%

US Economic Data 13:30 GMT

• Building Permits (Nov) - Forecast: 1.430M, Previous: 1.419M

• Current Account (Q3) - Forecast: -286.0B, Previous: -266.8B

• Housing Starts (MoM) (Nov) - Forecast: -3.1%

• Housing Starts (Nov) - Forecast: 1.350M, Previous: 1.311M

15:30 GMT

• Atlanta Fed GDPNow (Q4) - Forecast: 3.1%, Previous: 3.1%

• Crude Oil Inventories - Forecast: -1.600M, Previous: -1.425M

• Cushing Crude Oil Inventories - Forecast: -1.298M

Fed Rate Decision (19:00 GMT)

• Interest Rate - Forecast: 4.50%, Previous: 4.75%

• FOMC Economic Projections and Statement

Central Bank Speakers

• 09:00 GMT - ECB Chief Economist Philip Lane speaks 

• 09:30 GMT - Bundesbank President Joachim Nagel speaks 

• 19:30 GMT - Fed Chair Powell Press Conference