Tomorrow's US session is highlighted by Fed Powell's testimony

Technical Analysis

Author: Greg Michalowski | economic

Highlights for tomorrow's US trading session

Today has been a lackluster day in the markets. The US stocks are still mixed with the NASDAQ down in the Dow industrial average up.  US yields are off their highest yield levels that saw the 10 year reach 1.516%. It is currently trading at 1.480% up about 1.9 basis point on the day.

Tomorrow will be highlighted by Fed chair Powell's testimony on coronavirus and CARES act before the U.S. Senate committee on banking, housing, and Urban affairs.  Whether or not that includes economic policy/Fed policy I'm not sure, but market will be following what he has to say.

Other events/releases during the US session tomorrow include:
  • Goods trade balance expected with a deficit of -87.4 billion versus -86.4 billion last month (at 8:30 AM ET
  • Preliminary wholesale inventories which are expected to rise by 0.8% versus at 0.6% last month (at 8:30 AM ET)
  • S&P/Case Schiller home price index.  Estimate 20.1% year on year versus 19.1% last month (9 AM ET)
  • Conference Board consumer confidence.  Estimate 115.2 versus 113.8 last month (10 AM ET)
  • Richmond Fed manufacturing index. Estimate 12 versus nine last month. The regional indices so far have come in better than expectations (10 AM ET)
Also a slew of Fed officials are expected to speak:
  • Feds Evans, 9 AM ET
  • Feds Bowman, 1:40 PM ET
  • Fed's Bostic, 3 PM ET
also scheduled to speak during the US hours include:
  • ECBs Lagarde it is scheduled to give the opening remarks at the 2021 ECB form on central banking
  • BOE MPC member Mann is scheduled to participate on a panel discussion at the online event hosted by the National Association of business economics
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