Nonfarm productivity, 10 year note auction
Today was void of any economic data out of US/North America. Tomorrow is not much better.
So what can we expect during the North American session:
- NFIB small business index for November. 6 AM ET/1100 GMT. Early risers in the New York session will see the release of the NFIB small business optimism index for November. The expectations is 4103.0 versus 102.4 last month
- Nonfarm productivity for the 3rd quarter (final) will be released at 8:30 AM/1330 GMT. The estimate is for an improvement to -0.1% from -0.3% in the preliminary report. Here labor costs is expected to rise by 3.4% versus 3.6% originally reported. Although it is positive to have a decent 3.4% rise in unit labor costs. the productivity decline is certainly not something to write home without nor will it help the US achieve above potential growth in GDP.
- At 1 PM ET/1800 GMT, the US treasury will reopened and auction off $24 billion of 9 year 11 month notes. The 3 year note auction today went off without a glitch. The US treasury will complete their note and bond auctions this week on Thursday by reopening and auctioning off $16 billion of 29 year 11 month bonds.
In addition to those scheduled releases, unless an agreement is announced officially between now and tomorrow, the USMCA trade agreement seems to be on the verge of completion. If done, the House will vote on the measure on December 18. There are other committee stuff that needs to be done before the vote and Canada and Mexico also have to agree to the final details of the deal as well.
Other key events ahead include:
- The December FOMC rate decision will be announced on Wednesday at 2 PM ET/1900 GMT. The Fed is largely expected to keep rates unchanged targeting 1.5% to 1.75%. The Fed's Powell will hold a post FOMC meeting press conference at 2:30 PM ET/1930 GMT.
- The clock is ticking to the December 15 deadline for a Phase one deal with China.
- The impeachment vote is scheduled for December 17
