Economic calendar: interest rate decision day in the USA and Canada 📄

The most significant events of today will be the central banks` decisions, particularly the first FOMC decision following the inauguration of Donald Trump`s administration in the USA.

Today, we will learn the interest rate decisions from both the USA and Canada. The market expects the Fed to maintain interest rates at their current level, while the Bank of Canada (BoC) is anticipated to cut rates by 25 basis points to 3.00%. The FOMC meeting and the subsequent press conference will be particularly interesting, as this is the first decision in the context of the new Republican administration.

Trump has already announced most of his executive orders and completed his first, albeit partial, two weeks in office. Therefore, it is likely that during the press conference, Powell will face numerous questions regarding the current policies, tariffs, and the early decisions of the Trump administration, as well as their impact on the US economy, including inflationary pressures.

Detailed schedule for the day:

08:00 AM GMT, Spain - GDP data:

• Spanish GDP (Q4): forecast 0.6% QoQ; previous 0.8% QoQ;
• Spanish GDP (Q4): forecast 3.2% YoY; previous 3.3% YoY;

02:15 PM GMT, United Kingdom - BoE Gov Bailey Speaks

02:45 PM GMT, Canada - BoC Interest Rate Decision for December:

• forecast 3.00%; previous 3.25%;

02:45 PM GMT, Canada - BoC Rate Statement

02:45 PM GMT, Canada - BoC Monetary Policy Report

03:30 PM GMT, United States - EIA Data:

• Gasoline Inventories: forecast 2.000M; previous 2.332M;
• EIA Weekly Distillates Stocks: forecast -2.750M; previous -3.070M;
• Crude Oil Inventories: forecast 2.200M; previous -1.017M;

03:30 PM GMT, Canada - BOC Press Conference

07:00 PM GMT, United States - Fed Interest Rate Decision for December:

• forecast 4.50%; previous 4.50%;

07:00 PM GMT, United States - FOMC Statement

07:30 PM GMT, United States - FOMC Press Conference