- European markets set for lower opening
- Fed rate decision at 6:00 pm GMT
- DOE report on oil inventories
European futures markets point to a slightly lower opening of the cash session on the Old Continent today. Moves are rather limited as traders are bracing themselves for a highly anticipated FED meeting. The US central bank will announce monetary policy decisions at 6:00 pm GMT, followed by the press conference of Chair Powell at 6:30 pm GMT. Easing inflationary pressures and recent banking turmoil bolstered expectations that the Fed will adopt a more cautious policy approach. Markets are now pricing in about a 14% chance of the central bank not raising rates, with a roughly 86% chance of a 25 bps hike. A new set of forecasts as well as dot-chart will show where central bankers see the US economy in the near-term, while investors will watch for dovish hints from Powell. Apart from Fed, DOE oil inventories data at 3:30 pm GMT may trigger some volatility on the oil market. Also several ECB members, including President Christine Lagarde, are scheduled to deliver speeches.
11:00 am GMT - US, MBA 30-Year Mortgage Rate. Previous: 6.71%
2:30 pm GMT - DOE report on oil inventories.
• Oil inventories. Expected: -1.565 mb (API: +3.262 mb)
• Gasoline inventories. Expected: -1.677 mb (API: -1.09 mb)
• Distillate inventories. Expected: -1.5 mb (API: -1.84 mb)
6:00 pm GMT - FOMC rate decision
6:30 pm GMT - Powell conference
Central bankers' speeches
• 8:45 am BST - ECB President Lagarde
• 9:30 am BST - ECB Lane
• 1:45 pm BST - ECB Panetta
• 5:00 pm BST - ECB Nagel