Get Ready For FOMC Minutes And US GDP Numbers

Get Ready For FOMC Minutes And US GDP Numbers

US Retail sales surged 1.7% last month, the Commerce Department said on Tuesday. Data for September was revised higher to show retail sales increasing 0.8% instead of 0.7% as previously reported. Sales have now risen for three straight months.

Strong U.S. retail sales data last week added fuel to the dollar recent rally, which started after a strong U.S. inflation print bolstered market bets that the Federal Reserve will have to raise rates around the middle of next year.

Moreover, US Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 268,000 for the week ended Nov. 13, the Labor Department said on Thursday. That was the lowest level since the start of the COVID-19 pandemic in the United States more than 20 months ago.

In the upcoming week, the minutes of the FOMC meeting due Wednesday is expected to provide investors with an insight into the Fed’s thinking on monetary policy.

In the last meeting, the Fed announced a $15 billion monthly cut to its $120 billion in monthly purchases of Treasuries and mortgage-backed securities, but chair Jerome Powell said the U.S. central bank would be patient in deciding when to raise its benchmark overnight interest rate from near-zero levels

This week calendar also features U.S. data on GDP growth, Durable Good Orders, and PCE inflation. 

US GDP number will be published on Wednesday. Economists predict that Q3 GDP growth is at 2.1% annualized.

Core Durable Goods Orders, excluding transportation, are expected to come out at 0.5% in October.

The US will publish updates on consumer spending and the Federal Reserve preferred inflation gauge on Wednesday, which will give fresh insight into the strength of the economy. 

The Core PCE price index is expected to rise by 0.4% in October. Year on year, economists forecast a 4.1%

22 Nov 21 (Mon)

03:44 am

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