Fed and the bond market in the spotlight
I'm not sure how much of a role the Comey firing will play in the market today. The thinking is that it could delay the legislative agenda and that may be true but the agenda was a moving target anyway.
Trump is meeting with Lavrov and that might make for some interesting developments. If reports about Comey are true, then Trump is desperate to untangle himself from Russia so he might want to appear antagonistic.
I tend to view market optimism as more about Republican control of all three branches as the big factor for markets. Even if Trump were impeached, that wouldn't change. So the day-to-day drama matters less than the ability of the White House, Senate and House to work together.
As for what's left on the economic calendar today, bonds and the Fed are on the agenda.
Up first is a noon ET (1600 GMT) from Rosengren at the Vermont Chamber of Commerce. He spoke just yesterday so the potential for market-moving headlines is low. He will take an audience Q&A but won't speak with media.
At 1 pm, the US is auctioning 10-year notes. Yesterday's soft 3-year sale gave a final lift to USD/JPY so we'll be watching closely.
Twenty minutes later, the Fed's Kashkari holds a Q&A at the Minnesota Business Ethics Award. He's a major dove and a chatterbox so don't expect anything new.
The final item on the calendar is the April US monthly budget statement. It's never a market mover.
Things will pickup early in Asia-Pacific trading with the RBNZ decision. Here's a preview from Goldman Sachs.