Key events and releases for the day

The US advanced GDP will be released at the bottom of the hour with annualized 1st quarter expectations at -4.0%. The prior quarter came in at 2.1%. Personal consumption is expected to decline by -3.6%. GDP price index is expected to rise by 1.0% (versus 1.3%) core PCE is expected to rise by 1.7% versus 1.3% in the 4th quarter.

Also released at 8:30 AM ET will be Canada's international security transactions for February. Last month came in at $17.01 billion.

US pending home sales for the month of March will released at 10 AM ET/1400 GMT. The expectations are for -13.6 versus 2.4% last month as the coronavirus hits that data point.

At 10:30 AM the Department of Energy crude oil inventory will be released. The private data showed a 9.978 million increase in crude oil inventories (estimate 11 million). Cushing inventories rose by 2.48 million. Gasoline inventories fell by -1.108 billion (versus +2.7 million estimate). Distillates rose by 5.462 million (versus 3.7 million estimate).

At 2 PM ET the FOMC rate decision will be released with expectations for no major policy change. The market will focus on the tone of the message. Fed chair Powell will hold his post FOMC meeting press conference starting at 2:30 PM ET/1830 GMT