In view of analysts at Deutsche Bank, the big focus today will be the FOMC meeting minutes from the September meeting (2pm local time).
Key Quotes
“Our US team believes inflation will be a heavily debated topic, but given the recent Fed speak, it appears that most voting members are looking through some of the recent weakness and prefer to continue the “gradual” removal of monetary accommodation. For example, based on the forecasts submitted at the meeting, 12 of the 16 FOMC participants favoured at least one more rate hike this year. Elsewhere, the Fed’s Rosengren said over the weekend that inflation “is still not at the level that I would expect it to be, but we’re definitely seeing that tight labour markets are causing wages and salaries to gradually go up as well” and that inflation “will be much closer to 2%” a few months into 2018.”
“As a reminder, the voting Chicago Fed Evans (today) and Fed Governors Brainard and Powell (tomorrow) will be speaking over the next day or so. Data wise, the September PPI is due tomorrow, followed by the big CPI release and retail sales on Friday. So plenty of opportunity for the rate debate to move on.”
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