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Danske Daily: Markets Await FOMC Meeting

ByDanske Markets
Published 10/30/2013, 07:27 AM
Updated 05/14/2017, 06:45 AM

Market movers today

The statement from the October FOMC meeting is due for release tonight at 19:00 CET. We expect the FOMC to strike a more dovish tone than in September, given that recent data suggest a loss in growth momentum even before the government shutdown struck. Furthermore, the outlook for 2014 has become more blurred and we expect the forward-looking part of the statement to reflect this. Markets have already pushed their expectations of the first Fed funds rate hike to Q4 15 and we think it will be difficult to push that first hike further into the future even with a dovish statement tonight.

We will also get the delayed data on US consumer price inflation for September. We expect core inflation to remain subdued. Goods inflation continues to run at very low levels, as was also evident in yesterday's PPI data, while core service price inflation is running at above 2% y/y, which is surprising given the low level of wage inflation.

In the euro area focus will likely be on the many ECB board members speaking today. The topics span from retail banking to economic policy and institutional challenges. In terms of data releases, we expect the German unemployment rate to stay unchanged. Elsewhere, a softer tone from the Reserve Bank of New Zealand policy meeting is expected, potentially weighing on NZD.

In Scandinavia we receive data on Norwegian unemployment and retail sales and on developments on the Danish housing market and business confidence.

To Read the Entire Report Please Click on the pdf File Below.


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