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US: Light calendar with Fed’s Williams in focus - BBH

FXStreet (Delhi) – Research Team at BBH, suggest that the US economic calendar is light today and Williams is the only Fed official scheduled to speak, and his views are now well known.

Key Quotes

“He continues to favor a hike this year. Many observers were shocked by yesterday's US trade figures and revised down Q3 GDP forecasts in response. However, note that earlier released flash merchandise trade figures were even worse, and it was in response to that advance report that the Atlanta Fed's GDPNow was cut from 1.8% to 0.9%. However, the trade report was not at bad, and the GDPNow tracker was lifted to 1.1%, which is still below market expectations.”

“Separately, note that the Republicans in the House of Representatives will choose a new Speaker today to replace Boehner. This is important for legislation through next year’s national election. It could also be significant in terms of the debate over TPP.”

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