Good Morning, Traders!
It is Wednesday the 8tth of February, here are some things to look out for today:
Sentiment
While bond yields edged lower this morning, a measure of the dollar's losses on Tuesday were extended.
Investors will be watching a host of federal reserve policymakers who are scheduled to talk later today for new indications.
European equities increased despite a decline in US equity futures.
The bond market finally paid attention to Federal Reserve Chair Jerome Powell's message that interest rates must continue to rise to combat inflation.
In addition to urging Congress to raise the debt ceiling and chastising republicans for trying to use the standoff to compel spending cuts, Biden vowed to prevent the United States from going into default on its debt.
Tiff Macklem, governor of the Bank of Canada, acknowledged that rate increases have had a significant negative impact on the nation's homeowners and cited this as a primary factor in his decision to pause before the US Federal Reserve.
He did also use similar rhetoric to Powell when saying that if the data starts to heat up (namely employment and inflation) there is room to move rates higher.
Docket
10:00 AM ET
US Wholesale Inventories MoM for December
Median Forecast: 0.1% | Prior: 0.1% | Range: 0.4%/-0.3%
US Wholesale Sales MoM for December
Median Forecast: -0.2%| Prior: -0.6% | Range:0%/-0.5%
10:30 AM ET
Weekly EIA Crude Oil Inventories
Median Forecast: 2 mln| Prior: 4.14 mln | Range: 3.298M / 0M
12:00 PM ET
US WASDE Endstocks
1:00 PM ET
US Sells $35 bln in 10-year Notes
1:30 PM ET
The BoC Releases a Summary of Deliberations
This is the Bank of Canada meeting minutes and is the debut for the BoC to release minutes of their meetings, done upon IMF recommendation.
Speakers
9:15 AM ET
Fed's Williams is interviewed at a Wall Street Journal live event in New York. Text is not expected.
9:30 AM ET
Fed's Cook takes part in a moderated discussion hosted by the joint center for political and economic studies in Washington. Text is not expected, but a Q&A with the audience is.
10:00 AM ET
ECB's Knot speaks on Euro-Area economic outlook in MNI webcast.
Fed's Barr & Fed's Bostic speak at an event discussing economic mobility hosted at Tougaloo College in Tougaloo, Mississippi.
No text for Barr but Bostic is TBD. There will be a Q&A.
12:30 PM ET
Fed's Kashkari will answer questions at a Boston economic club luncheon.
1:45 PM ET
Fed's Waller discusses the economic outlook at an event hosted by Arkansas state university in Jonesboro, Arkansas.
Both Text and Q&A are expected.
Earnings
4:05 PM ET
Disney Q1 2023 Earnings
Estimated EPS: 75c
Estimated Revenue: $23.4 bln
Good Luck Today!
