Morning, Traders!
Happy Friday! It is the 24th of February and we see the release of the all-important US PCE data, the Fed's preferred gauge of inflation when making policy decisions.
Here are some other things to look out for today.
Sentiment
Ahead of a number of Federal Reserve speakers later today, the dollar gauge climbed for a third day in a row this week and bond yields marginally increased.
After Bank of Japan nominee Kazuo Ueda's presentation in parliament, which was perceived as leaning on the dovish side, the yen underperformed and Japan's bonds increased.
Although US market futures resumed their overnight fall, European stocks were divided.
Inflation likely accelerated, according to median analyst expectations on the PCE numbers slated for release this morning. The sources of that reacceleration – robust income and spending growth — have powered the new inflationary impulse, even amid a more favorable supply environment, according to analysts.
A soft landing for the US economy is conceivable, according to Treasury Secretary Yellen, because of the country's robust labor market and the absence of balance sheet issues similar to those that existed before the global financial crisis.
A year after President Vladimir Putin ordered the invasion of Ukraine, the United States and other members of the Group of Seven will impose new export limits and new rounds of sanctions on Russia, according to the White House.
Docket
8:30 AM ET
US PCE Price Index data for January
YoY - Median Forecast 5% | Prior 5% | Range 5.2%/4.9%
MoM - Median Forecast 0.5% | Prior 0.1% | Range 0.6%/0.4%
Core YoY - Median Forecast 4.3% | Prior 4.4% | Range 4.6%/4.2%
Core MoM - Median Forecast 0.4% | Prior 0.3% | Range 0.6%/0.3%
US Consumer Spending MoM for January - Median Forecast 1.4% | Prior -0.2% | Range 2.5%/0.8%
10:00 AM ET
University of Michigan February Sentiment Final - Median Forecast 66.4 | Prior 666.4 | Range 69/65.5
US New Home Sales data for January - Median Forecast 0.62M | Prior 0.616M | Range 0.664M/0.34M
Speakers
10:15 AM ET
Fed's Mester & Jefferson Speak - Discussing a paper on "managing disinflations" at us monetary policy forum hosted by the university of Chicago booth school of business in new york.
(Text: Yes. Q&A: Yes, from the moderator. Webcast: No)
11:30 AM ET
Fed's Bullard Speaks - Discusses getting back to 2% inflation during an event hosted by Columbia university in new york.
(Text: Yes. Q&A: yes, with audience)
BoE's Tenreyro Speaks - Speaking at a conference in honor of Guillermo Calvo, federal reserve bank of new york, as a panelist at the session titled ‘back to 2% inflation?”
1:30 PM ET
Fed's Collins Speaks - Boston fed President to share pre-recorded remarks by video as part of a panel discussion at the University of Chicago booth school of business in new york. embargoed (text: Yes, Q&A: No)
Fed's Waller Speaks - Discussing "Why Did We Miscast Inflation?" at the 2023 US monetary policy forum hosted by the University of Chicago booth school of business.
(Text: no, Q&A: yes from the moderator, Webcast: No.)
Good luck!
