What's coming up
The mood is sour today after Moderna's CEO said:
"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I've talked to... are like, 'This is not going to be good'."
To be fair, he said much of the same thing on Monday and other officials aren't so pessimistic.
In any case, the economic calendar today kicks off with Canadian GDP at 8:30 am ET (1330 GMT) and is expected to show a 2.5% annualized rise. Yesterday's Canadian current account data had some holes in it so risks are to the downside.
The US calendar is about housing and Fedspeak.
At 9:00 am the US monthly house price data from the FHFA and the Case-Shiller house price index are due.
The main event is Powell testifying at 10 am ET (1500 GMT) followed 30 minutes later by Williams. At 1 pm ET (1800 GMT), we'll also hear from Clarida. Powell's prepared remarks were already released and said the rise in covid cases, omicron variant pose downside risks to employment, increased uncertainty for inflation. He will also take questions.
This is likely the last chance the Fed will have to shape expectations ahead of the Dec 15 meeting. At this point, it's looking like a placeholder as we watch omicron.