A bit of everything today
The economic calendar today is light on top-tier data but heavy on second-tier numbers and there's one Fed speech to watch closely.
A bunch of data is due at the bottom of the hour including:
- US housing starts/building permits
- Weekly jobless claims
- Philly Fed
- Canadian manufacturing sales
- Canadian ADP employment
- ECB's de Guindos
Focus on the US housing data and Canadian jobs data, along with any big misses.
Quarles continues to testify at Congress but comments are going to be on the regulatory side so it won't be a market mover. However at 1615 the Fed's Brainard speaks on the outlook and mon pol in what could be a major signal about what comes next for policy. Brainard often floats pivots in policy and even if she opens the door a crack to a rate cut, the market may run with it.
