Coming up from the Federal Reserve:
28 November (Wednesday) at 1700GMT Federal Reserve system Chair Powell to speak
- at the Economic Club in New York
- There will be a prepared speech followed by an audience Q&A
Thursday 29th
- November meeting Federal Open Market Committee minutes due at 1900 GMT
Via Morgan Stanley (bolding mine):
- The recent flattening in the market pricing of the Fed hike path has captured market attention. Investors have pointed to the combination of softer CPI (as well as falling oil prices) and dovish Fed speakers as prompting this move
- ... Chair Powell's speech tomorrow and the FOMC minutes on Thursday may offer new insights.
- Indeed, much of the Fedspeak that has prompted the markets to price in a more dovish outlook recently was conveyed by more dovish Fed members - our economists estimate that Clarida, Harker, Kaplan and Bostic all have below-median dots for 2019.
- Therefore, should Chair Powell or the Fed minutes continue to emphasise foreign growth risks or risks of US growth slowing next year, it could suggest broader concerns among the FOMC as a whole, implying a more moderate rate hike path and, as a result, USD weakness
(bolding mine … but I ain't buying it … Powell has not been showing much of a dovish side IMO … I suspect it'll come, but after December)
