Happy Friday, it is the 28th of April, the day of the much anticipated US Consumer Spending and PCE Price Index data.
Here are some things to look out for.
This morning, the Japanese yen fell after the Bank of Japan maintained its ultra-low interest rate and asset purchase policies while calling for a long-term review of its policies.
A measure of the strength of the US dollar was on track for its biggest weekly gain since early March, and US Treasuries rose ahead of data that included one of the Federal Reserve's preferred inflation gauges.
Another US inflation indicator is set to be released today, with the potential to rattle markets if it does not support the "one-and-done" narrative for upcoming interest-rate hikes.
Following a weak GDP print yesterday, that showed the US economy was slowing even before the banking crisis, today's data could point to a higher risk of stagflation, in which the economy slows while inflation remains well above the Fed's 2% target.
House Speaker McCarthy increased pressure on President Joe Biden and Democrats to avoid a debt-ceiling crisis by embracing the plan passed by House Republicans on party lines the day before.
8:30 AM ET
US Consumer Spending MoM for March
Median Forecast: -0.1% | Prior: 0.2% | Range: 0.4% / -0.7%
US PCE Price Index for March
YoY - Median Forecast: 4.1% | Prior: 5.0% | Range: 4.4% / 4%
MoM - Median Forecast: 0.1% | Prior: 0.3% | Range: 0.4% / 0%
Core YoY - Median Forecast: 4.6% | Prior: 4.6% | Range: 5.5% / 4.5%
Core MoM - Median Forecast: 0.3% | Prior: 0.3% | Range: 0.4% / 0.3%
Canadian GDP MoM for February
Median Forecast: 0.2% | Prior: 0.5% | Range: 0.3% / -0.1%
9:45 AM ET
US Chicago PMI for April
Median Forecast: 43.6 | Prior: 43.8 | Range: 45.3 / 42.6
10:00 AM ET
University Michigan Final Data for April
Sentiment - Median Forecast: 63.5 | Prior: 63.5 | Range: 64.7 / 62