Major releases and events tomorrow in the North American session

Author: Greg Michalowski | Category: News

US Building permits and housing starts and Fed speak on tap

The Bank of England's Bailey over the weekend, laid the pipe for a rate hike potentially in 2022. Bailey is scheduled to speak again tomorrow at 8:05 AM ET at a climate change conference near the start of the North American session.  

Also on tap for the day includes:
  • US building permits and housing starts at 8:30 AM ET. The building permits are expected to dip to 1.67M from 1.72M last month. The housing starts are expected to dip slightly to 1.61M from 1.62M last month.  Last month both housing starts and building permits surprised to the upside. The housing starts was expected to come in at 1.55M. It rose 1.615M. The building permits were expected at 1.728M vs expectations of 1.60M.  The prior report can be found HERE
  • New Zealand global dairy trade price index will also be released
  • The federal budget is tentatively scheduled for release with expectations of -135.0B vs -170.6B last year. 
There is a number of Fed speakers scheduled to speak tomorrow. The pressure to not only start the taper but also hike rates is starting to increase. With other central banks including the Reserve Bank of New Zealand and now BOE looking toward more hikes/starting to hike, the Fed may jump on the bandwagon.  For now, the expectations might be toward November taper thoughts in the Fed speak, but the focus may shift toward tightening sooner rather than later:
  • Philadelphia Fed's Harker speaks at 8:50 AM ET
  • SF Fed's Daly speaks at 11 AM ET
  • FOMC Gov. Bowman speaks at 1:15 PM ET
  • Atlanta Fed's Bostic speaks at 2:50 PM ET
  • FOMC Governor Waller speaks at 3 PM ET 

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