Today’s Headlines and Tomorrow’s Market Movers: IMF Growth Forecast, Fed Updates, and Key Economic Data

Movers & Shakers

By John Thorpe, Senior Broker

Today’s Headlines recap:

• The Int’l Monetary Fund (IMF) raised their 2024 China growth forecast to +5.0% from the previous +4.6% estimate
• CDC officials Tuesday said there are still no signs of human to human transmission of bird flu, risk of infection still remains very low for the general population
• The Int’l Monetary Fund (IMF) claimed tariff increases could push inflation upward.
• Fed Gov Kugler: inflation upside risks and labor market down side risks have become more balanced, but would be appropriate to lower rates sooner rather than later if labor market cools too much. If economic conditions continue to evolve favorably, then it will be appropriate to begin easing later this year

Tomorrow’s Market movers:

• US housing starts and building permit data will be released Wednesday morning at 7:30 am CT. Economists are forecasting housing starts +1.8% month-to-month to 1.30 mln unit annualized pace in June. They are also forecasting US building permit data +1.0% to 1.40 mln unit rate.
• Richmond Fed President Barkin will speak at a Greater Prince George’s Business Roundtable event Wednesday, starting around 8:00 am CT.
• The Federal Reserve will release their monthly industrial production and capacity utilization data Wednesday morning around 8:15 am CT. Analysts expect June production +0.3% on month-to-month terms, and expect capacity use at 78.5% compared to the previous month’s 78.7%.
•  Kansas City Fed event will start Wednesday with Federal Reserve Governor Waller and Kansas City Fed President Schmid set to give opening remarks around 8:35 am CT.
• US Treasury announced it will auction $60 bln in 17 wk TBills on Wednesday
• Federal Reserve “Beige Book” of anecdotal economic conditions from US Federal Reserve districts will be released Wednesday afternoon around 1:00 pm CT.

Daily Levels for July 17th, 2024

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