The Federal Reserve blackout starts tomorrow
The data calendar is is modest today but there are three Fed speakers on the agenda. The first two are predictable. Kaplan is a dove and we’re head from him already this week when he said he backed the two prior rate cuts but I’m more agnostic on next move. He speaks at 1300 GMT (9 am ET).
Then it’s onto George at 1405 GMT but she’s a reliable hawk so we’re unlikely to get anything market moving.
The big one comes at 1530 GMT (10:30 am ET) when Fed vice chair Clarida speaks in Boston. He’s speaking on the outlook and monetary policy; there will be released text and Q&A.
If the Fed wants to lower the current 81% chance of a cut priced into Fed funds, this is the last chance.