Morning, Traders!
It is Monday the 24th of April, a quiet start to a week that holds the all-important US PCE price index on Friday.
It is also the start of the FOMC black-out period ahead of the May meeting, so there are no Fed speakers until then.
Here are some things to look out for today.
Sentiment
A measure of the dollar's strength was little changed at the start of a week jam-packed with economic data that could shed light on the path of interest rates. US Treasuries rose slightly, outperforming European counterparts.
Officials at the Federal Reserve are on track to raise interest rates by a quarter percentage point next month, signaling a possible pause in the steepest hike campaign in decades, with statistics from the CFTC stating that leveraged speculators increased net short holdings on 10-year Treasury futures to a record 1.29 million contracts as of April 18th.
CME Fedwatch as of this morning sees a 90% chance of a 25bps rate hike at the May Fed meeting.
Speaker Kevin McCarthy stated that the US House would vote on his $1.5 trillion debt-ceiling increase plan this week, but he deflected when asked if he had already secured the 218 Republican votes he requires.
Docket
No economic releases of note today
Speakers
9:30 AM ET
EC Pres. von der Leyen Speaks
ECB Executive Board member Fabio Panetta gives an introductory statement at a hearing on Digital Euro at the Committee on Economic and Monetary Affairs of the European Parliament in Brussels.
Good luck!
