Canada retail sales highlights a light economic release calendar

Today, there are no key US economic releases on the schedule (the weekly Baker Hughes rig count will be released at 2 PM ET), however, there is some Fed speakers along with the vote on the Build Back Better act.

  • Canada Retail sales will be released at 8:30 AM ET/1330 GMT. The expectations are for the decline of -1.6% after a 2.1% gain last month
  • Canada's NHPI (new home price index) is expected to rise by 0.5% versus 0.4% last month. The release will take place at 8:30 AM ET. Last month the index came in at +11.3%
  • Baker Hughes oil inventory, 2 PM ET

Fed speak has the following Fed officials scheduled:

  • Fed's Waller is scheduled to speak at 10:45 AM ET
  • Feds Clarida is expected speak at 12:15 PM

The US houses expected to vote on the Build Back Better act today where Nancy Pelosi is expected to have the votes to pass the measure. A CBO estimate said the Build Back Better Act would add $367 billion to budget deficits over a decade. However, Dems argue that the analysis but did not account in the topline for revenue raised by increased IRS enforcement of tax laws. The GOP argue it does not account for the continuation of measures past the analysis period (and other implications). The

ECB Lagarde will speak at 1:45 PM/1845 GMT