Powell addresses the joint economic committee of Congress
The schedule today is full with a few more releases and events than the prior 2 days (when there were no economic releases scheduled).
The scheduled for the day includes:
- US CPI for the month of October. 8:30 AM ET/1330 GMT. MoM estimate 0.3% versus 0.0% last month. Ex food and energy MoM 0.2% versus 0.1% last month. YoY headline 1.7% estimate versus 1.7% last month. Ex food and energy YoY 2.4% estimate versus 2.4% last month.
- Real average weekly earnings for October and real average hourly earnings YoY will be released with the CPI. Last month they rose by 1.0% at 1.3% respectively
- Yesterday, Pres. Trump address the Economic Club of New York. Today the public impeachment inquiry will begin at 10 AM ET/1500 GMT.
- At 11 AM ET/1600 GMT, Fed chair Jay Powell will address the joint economic committee of Congress. The Federal Reserve as cut rates 3 times (25 basis points each) in 2019 after last raising rates by 25 basis points in December 2018. The Pres. remains critical of the policy by the Fed. The prepared text is not expected to be released ahead of his scheduled testimony at 8:30 AM ET (but will be prepared anyway just in case).
- The monthly budget statement will be released at 2 PM ET/1900 GMT. The estimate is for a budget deficit of $-130 billion. That compares to your co-level of $-100.5 billion