Today investors expect the publication of the minutes from the Federal Reserve’s most recent meeting. The report should come at 18:00 GMT.
Even though the Federal Reserve has been extremely careful not to promise any further monetary policy adjustments after the first rate slash they implemented recently, investors will be reading the report with keen eyes, looking for clues for another rate cut. Right now bids for a September cut are rising, but if anything like that is coming so soon, there must be clues in the minutes.
The Federal Reserve is independent of the President, yet Donald Trump has continued to argue for a more aggressive loosening of monetary policy. The US President wants a whole 1% decrease in interest rates, plus a stimulus package, supposedly to make the dollar weaker and ease trade.
Before the minutes are released, we also expect data on home sales in July. The report is forecasted to show a 2.5% growth. If it doesn’t, it won’t bode well.
Today there will also be the weekly publication of the Energy Information Administration’s report on crude oil inventories.
