I hope everyone is enjoying their weekend. After a week mostly devoid of data, we have a flurry of catalysts ahead.
On Monday, we have both the 2y and the 5y auctions and the QRA refunding estimate. On Tuesday, we have goods trade balance, Case Schiller housing prices, JOLTs, Consumer confidence and the 7y auction. On Wednesday, we have ADP, GDP, pending home sales and the QRA composition followed by the FOMC meeting. Thursday has Challenger job cuts, PCE, income/spending and ECI. Friday is jam packed with NFP, ISM and UMICH.
No shortage of catalysts and I am sure we will hear about any potential trade deal with the EU as well. The BOC meeting is also the morning of the Fed meeting and the expectation is a hold on rates. We also have the BOJ meeting the night after the Fed meeting, which will be important to watch after the Japan trade deal if they hint at hawkishness and future hikes. Let’s unpack it all.
I published two important notes last week that you should make sure to read: Money Creation and Financial Conditions Reborn.