Good Morning Traders!
Today is Wednesday the 17th of May and here are some things to look out for.
Sentiment
The dollar advanced further this morning as investors remained cautious about taking on risky positions while US debt ceiling negotiations continued.
Treasuries eased, keeping yields near two-week highs hit the previous day, as comments from Federal Reserve officials added to the view that interest rates may remain high for a longer period of time due to ongoing inflationary pressures.
Debt-ceiling negotiations between the White House and congressional aides are expected to heat up as negotiators seek a framework agreement for Joe Biden and House Speaker Kevin McCarthy to review after the president returns from a shortened trip to Asia.
Federal Reserve Bank of Atlanta President Raphael Bostic and his Chicago counterpart Austan Goolsbee expressed optimism that the US economy would experience a soft landing. Still, Bostic warned that officials would face a stern test if they were wrong.
Docket
08:30 AM ET
US Housing Starts Number for April
Median Forecast 1.4M| Prior 1.42M| Range 1.47M/1.35M
10:30 AM ET
Weekly EIA Inventories
Crude Oil - Median Forecast -2M| Prior 2.951M| Range 2.5M / -2.5M
1:00 PM ET
US sells $15 bln 20-Year Bonds
2:30 PM ET
Senate Banking Hearing on Fed Accountability
Speakers
11:15 AM ET
ECB's de Guindos gives a closing speech at the 18th IESE Banking Industry Meeting 'Banking Navigating the Wave of Inflation' in Madrid.
Good luck!
