FOMC meeting minutes, US PPI, Canada CPI
As the market works toward the New York session close, what can we expect from the economic calendar tomorrow?
- Weekly mortgage applications, 7 AM ET 1200 GMT. Last week mortgage applications rose by 1.1% with purchases down -5.8% the refinancings up 5.0%. The number of refinancings have soared year on year. They are up 206.5% as a result of sharply lower rates the 30 year rate came in at 3.72% last week versus a 4.65% in 2019. The 15 year rate is at 3.2% versus 4.04% last year
- Housing starts and building permits for the month of January. 8:30 AM ET/1330 GMT. US housing starts are expected to show a annualized selling pace of 1425K versus 1608K last month. The K last month was a large 16.9% move from the previous month. The expectations are for a decline of -11.4% this month. As far as building permits which is a precursor for future housing starts, they are expected to come in at 1450K versus last month 1420K.
- PPI final demand for the month of January. 8:30 AM ET/1330 GMT. Estimate for final demand +0.1% versus 0.2% last month. Ex food and energy +0.2% versus +0.1% last month. Ex food and energy, trade, 0.1% versus +0.2% last month. The year on year numbers are expected at final demand 1.6% versus 1.3% last month. Ex food and energy 1.3% versus 1.1% last month.
- Canada CPI. 8:30 AM ET/1330 GMT. Estimate month-to-month 0.2% versus 0.0% last month. Year on year 2.3% versus 2.2% last month. Core – median year on year 2.2% versus 2.2% last month. Core common year on year 2.0% versus 2.0% last month
- FOMC meeting minutes from the January 29 meeting. 2 PM ET/1900 GMT. The FOMC kept rates unchanged at that meeting with very little change in the statement. The Fed did say that “household spending has been rising at a moderate pace” which was weaker than the prior month when they said “household spending has been rising at a strong pace”
From a speaker perspective:
- Fed’s Mester is expected to speak at 8:30 AM ET/1330 GMT
- Feds Kashkari is expected to speak at 11:45 PM/1645 GMT
- Fed’s Kaplan is expected to speak at 1:30 PM ET/1830 GMT
In Europe tomorrow
- UK will release CPI PPI data at 4:30 AM ET/0930 GMT