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Market Awaits Fed Meeting Minutes; CAD Retail Sales Disappoint

Published February 22, 2017
  • The Federal Reserve will release minutes of its January 31-February 1, 2017 meeting at 2:00 PM EST; as predicted, the Fed held rates at that time however provided an upbeat outlook for the US economy
  • Fed Governor Jerome Powell will speak at 1:00 PM EST today at the Forecaster’s Club of New York; Fed speakers provided conflicting messages during separate speeches yesterday
  • Philadelphia Fed President Patrick Harker said late on Tuesday that he expects the Fed to raise interest rates three times this year while Minneapolis Fed President said the US labor market had “more room to run”
  • Fed officials and market participants will keenly look to US home sales at 10:00 AM EST for more data to gauge the health of the US economy
  • Canadian Retail Sales/ Core Retail sales came in worse than expected; readings for both measures show that change in total value of sales at the retail level contracted in December
  • Oil moved down nearly 1% on Wednesday morning however remained near 7-week highs on the back of continued commitment to this year’s OPEC deal
  • Investors will look to more data on US Crude Stockpiles from the American Petroleum Institute later today and further data from the US Energy Information Administration on Thursday
  • Eurozone year-on-year inflation data met expectations this morning; the Euro still faces near-term concerns with rising US inflation rates and a potential victory for anti-EU candidate Marine Le Pen

Chart (1) Canadian Retail Sales for January 2016-Present