• The ECB interest rate decision (7:45 ET) and press conference from ECBs Draghi (8:30 AM ET) highlights the morning events. No change is expected (a cut would be the surprise).
  • Later at 2 PM the Fed will release the Beige Book (the anecdotal review of the economic situation from around the US).
  • US Mortgage Applications for the current week showed a 1.3% gain with the Purchase component falling by -1.8% while Refinancings rose 2%. The 30 year mortgage rate fell to 3.87% while the 15 year mortgage fell to 3.2% (if you have the equity to refinance that is).
  • US Nonfarm Productivity for 1Q is expected to show a -0.8% decline vs -0.5% last quarter (8:30 AM ET)
  • Unit Labor Costs are expected to show a 2.1% increase vs 2% in the 4Q (8:30 AM ET)