Morning Traders!
It is Wednesday the 4th of October, here are some things to look out for today.
Sentiment
This morning, the dollar reversed earlier losses while Treasuries held steady. Data on weekly unemployment claims are forthcoming, and experts anticipate a small increase in the week ending September 30th. Kashkari, Barr, and Barkin are among the Federal Reserve officials scheduled to speak through the session today (times below).
By tacitly permitting a rise in long-term interest rates to their highest levels since 2007, the Federal Reserve may be jeopardizing its desired soft landing of the economy.
The timing of the selloff in government bonds, according to Chicago Fed President Goolsbee, is somewhat of a "mystery."
A mid-November US government shutdown, already a major concern, is becoming more possible as Speaker Kevin McCarthy is ousted and an intra-party Republican fight in the House worsens.
Docket
08:30 AM ET
US Trade Balances for August
Median Forecast: -59.8B | Prior: -65B | Range: 55.7B / -66.9B
US Weekly Jobless Claims
Initial - Median Forecast: 210K | Prior: 204K | Range: 240K / 198K
Continued - Median Forecast: 1.671M | Prior: 1.67M | Range: 1.68M / 1.65M
11:30 AM ET
US 4-Week Bill Auction
Speakers
09:00 AM ET
ECB's Nagel gives a student seminar on 'Importance of high-frequency data for economic observation' in Karlsruhe, Germany.
Fed's Mester Cleveland Fed President Loretta Mester introduces a keynote speaker presenting on cybersecurity trends at the Chicago Payments Symposium.
09:45 AM ET
ECB's de Guindos chairs keynote speech session at 2023 ECB Conference on Monetary Policy: bridging science and practice.
10:30 AM ET
ECB's Villeroy speaks at BIG business conference in Paris
10:40 AM ET
Fed's Kashkari will moderate a Q&A with Jed Kolko, Under Secretary of Commerce for Economic Affairs, as part of the Opportunity and Inclusive Growth Institute’s 2023 research conference.
11:00 AM ET
ECB's Nagel gives a speech on 'Europe and its Euro - Fit for the future?' in Karlsruhe, Germany.
11:30 AM ET
Fed's Barkin speaks at the University of North Carolina Wilmington 2023 Economic Outlook Conference.
12:00 PM ET
Fed's Daly speaks at the Economic Club of New York.
12:15 PM ET
Fed's Barr speaks on cyber risk in the banking sector at the Cleveland Fed's Large and Foreign Banking Organizations Cyber Conference.
Good luck!
