Economic calendar: FOMC minutes in the spotlight

6:57 AM October 9, 2019
  • API report hinted at bigger than expected build. Will DoE data confirm?

  • Fed Chairman Powell scheduled to speak

  • Traders await FOMC minutes

3:00 pm BST - US, wholesale inventories for August. Wholesale inventories are the only piece of “hard” US data scheduled for release today. The reading is expected to show an increase of 0.4% MoM against previous advance of 0.2% MoM. Nevertheless, wholesale inventories data seldom has an impact on markets.

3:30 pm BST - DoE report on oil inventories. API report released yesterday showed a build of 4.1 million barrels against expected increase of 2.6 million barrels. However, the reading did not have a major impact on crude valuation. DoE report is more important and in case it confirms API estimates, oil may find itself under pressure.

3:30 pm BST - Fed Chairman Powell speaks. It goes without saying that speeches of the US top central banker are events to watch. Powell said yesterday that the Fed will start buying Treasury bills but warned that it should not be likened to QE. Today we may hear more on the topic from him. The speech will not be followed by Q&A session. 

7:00 pm BST - FOMC minutes. Fed lowered rates by another 25 bp during the latest meeting but reiterated that it just an adjustment as external factors are threatening US expansion. Minutes are likely to repeat this message but may offer some additional insight. Significant dovish bias could cement odds for a rate cut this month.


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