• The day's economic agenda commences at 8:30 am with the release of the Canadian New Housing Price Index (NHPI) data. The forecast suggests a slight dip of -0.1%, compared to the previously recorded 0.0%.
• In the US at the same time, Unemployment Claims are expected to decrease to 254K from the previous count of 264K (the 4-week average was the highest since November 2021).
• The Philadelphia Fed Manufacturing Index is also set to be unveiled with an anticipated improvement to -19.8 from a previous -31.3. Recall, the empire manufacturing index fell sharply on Tuesday (to -31.8 from 10.8 in the previous month).
• At 9:05 am, remarks from FOMC Member Jefferson are scheduled, followed by FOMC Member Barr at 9:30 am. Their commentary could provide valuable insights into the Federal Reserve's perspective on the state of the economy and monetary policy.
• At 10:00 am, the release of US Existing Home Sales data, is forecasted to decline to 4.30 million from the previous figure of 4.44 million.
• Additionally, the Conference Board Leading Index on a month-on-month basis is expected to report a smaller decrease of -0.6%, an improvement from the previous -1.2%.
• FOMC Member Logan is also slated to speak at 10 AM. The sharp decline in that index is forecasting a recession in the US going forward (nothing new).
• At 11:00 am, remarks from the Bank of Canada's Governor Macklem are scheduled, potentially shedding light on Canada's monetary policy direction. He is expected to speak on the Financial System review which will be released before his comments.