Fed Governors Speak, Will commodities Markets Move? +Futures Trading Levels 5.16.2023
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Tomorrow Fed Members Mester and Bostic are speaking @ 7:15 and 7:55 am CDT respectively. Retail sales numbers will be released during Mester’s words @ 7:30 am CDT. Analysts expect Retail sales to rise .07 % from March’s numbers that were negative for auto’s and gasoline. Industrial production will be released shortly thereafter and during Bostic’s speaking engagement @ 8:15am CDT. Analysts expect a flat IP number with capacity utilization lower by a few percentage points as layoffs may accelerate in the manufacturing sector. Wednesday we will see Housing Starts and permits. Analysts have revealed “Housing starts in March edged lower to a 1.420 million annualized rate; April is expected to slip further to 1.405 million. Permits, at 1.413 million in March and, though lower than expected, very near the starts rate, is expected to rise to 1.430 million.” per Econoday. Jobless claims will be Thursday’s highlighted report and expected to fall within the 250-270K range. Existing Home Sales top of the week’s reports @ 9am CDT sandwiched in between Fed governor speech’s , Jefferson @ 8:05 am CDT and Logan @ 9 am CDT,, remember that markets like to discount expectations and only move when the data is out of line with expectations.. we wrap up the Fed Governor’s speeches for the week when the big Kahuna , Fed Chair Jerome Powell will be speaking publically Friday @ 10am CDT!..
As always, plan your trade and trade your plan!
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