Good Morning, Traders!
It is Wednesday the 3rd of May. We get the long awaited US Interest rate decision. Here are all the things you need to be mindful of today.
US Interest Rate Prep Article - READ HERE
Sentiment
Treasuries rise for a second day, traders increase Fed easing bets, and the dollar falls as US regional bank stocks fall pre-market ahead of the FOMC rate decision and press conference by Fed Chair Jerome Powell.
The Japanese yen and Swiss franc both rise more than 0.6% against the US dollar. Oil falls for the second day in a row, briefly dropping below $70 per barrel for the first time since March.
The Federal Reserve is expected to raise interest rates by 25 basis points and signal a pause in its aggressive hike campaign, despite persistent financial-market turmoil and renewed pressure from lawmakers to do so.
House Democrats worked to circumvent Speaker Kevin McCarthy and Republican leaders with a procedural maneuver that could expedite a vote on a debt-ceiling increase as the US faces default as early as June 1.
Docket
8:15 AM ET
US ADP Employment Change
Median Forecast: 147.5K | Prior: 145k | Range: 220K / 52K
9:45 AM ET
US S&P Services PMI Final - Median Forecast 53.7 | Prior 53.7 | Range 53.7/53.5
US S&P Composite PMI Final - Median Forecast 53.5 | Prior 53.5 | Range 53.5/53.5
10:00 AM ET
US ISM Services PMI - Median Forecast 51.8 | Prior 51.2 | Range 53.5/49.8
10:30 AM ET
Weekly EIA Data
EIA Crude Oil Inventories - Median Forecast - | Prior -5.054M | Range -/-
2:00 PM ET
US Interest Rate Decision - Median Forecast 5.25% | Prior 5% | Range 5.5%/5%
FOMC Rate Statement
2:30 PM ET
FOMC Press Conference with Chair Powell
Speakers
11:00 AM ET
German Finance Min. Lindner Speaks
11:20 AM ET
ECB Supervisor Jochnik speaks about new business models for the German economy.
Good luck!
