FOMC Minutes and Crude Oil Inventories Highlight Wednesday’s Economic Events

As traders prepare for another crucial day in the financial markets, important decisions and economic data releases are anticipated on Wednesday, October 9, 2024. Key focuses will include the Federal Open Market Committee (FOMC) meeting minutes and the Energy Information Administration’s (EIA) crude oil inventories report, both of which could greatly influence market sentiment and asset prices.

Major Economic Events to Watch:

• 10:30 AM ET – EIA Crude Oil Inventories: Expected change of 1.900 million barrels, down from the previous 3.889 million. This weekly report tracks changes in commercial crude oil stocks held by U.S. firms, impacting petroleum prices and inflation.

• 2:00 PM ET – FOMC Meeting Minutes: A detailed account of the committee’s policy-setting meeting, providing insights into the Federal Reserve’s perspective on monetary policy.

Other Important Economic Events:

• 8:00 AM ET – FOMC Member Bostic Speaks: Atlanta Fed President Raphael Bostic’s public comments may hint at future monetary policy directions.

• 10:30 AM ET – Fed Goolsbee Speaks: Remarks from a Federal Reserve official that could shed light on the economic outlook.

• 10:30 AM ET – EIA Weekly Cushing Oil Inventories: Previous reading was 0.840 million. This report assesses crude oil storage levels at the key delivery point for U.S. oil benchmarks.

• 11:00 AM ET – FOMC Member Williams Speaks: Comments from the New York Fed President that may influence market expectations.

• 12:00 PM ET – Atlanta Fed GDPNow: Current forecast remains at 3.2%. This estimates real GDP growth for the ongoing quarter.

• 1:00 PM ET – 10-Year Note Auction: Previous yield was 3.648%. This auction serves as an indicator of government debt conditions and investor sentiment.

• 6:00 PM ET – FOMC Member Daly Speaks: Insights into potential policy directions from the San Francisco Fed President.

Additional Economic Events:

• 7:00 AM ET – MBA 30-Year Mortgage Rate: Previous rate was 6.14%, indicating fixed mortgage lending rates.

• 7:00 AM ET – MBA Mortgage Applications: Previous change was -1.3%, reflecting new mortgage application volume.

• 7:00 AM ET – MBA Purchase Index: Previous index value was 149.3, indicating future home sales.

• 7:00 AM ET – Mortgage Market Index: Previous measurement was 292.3, covering all mortgage applications for the week.

• 7:00 AM ET – Mortgage Refinance Index: Previous index stood at 1,099.5, gauging refinancing activity.

• 9:15 AM ET – Fed Logan Speaks: Comments from the Dallas Fed President that could provide economic insights.

• 10:00 AM ET – Wholesale Trade Sales: Previous change was 1.1%, measuring sales value at the wholesale level.

• 10:00 AM ET – Wholesale Inventories: Forecast indicates a change of 0.2%, maintaining the previous level of 0.2%.

• 10:30 AM ET – Gasoline Inventories: Predicted change of -1.500 million barrels, down from 1.119 million.

• 10:30 AM ET – Various EIA Weekly Reports: Including refinery crude runs, crude imports, distillate stocks, and production rates for gasoline and distillate fuel.

• 10:30 AM ET – FOMC Member Barkin Speaks: Insights from the Richmond Fed President may bring additional policy context.

• 10:45 AM ET – Fed Logan Speaks: Further remarks from the Dallas Fed President.

• 11:00 AM ET – Consumer Sentiment Index: Previous figure was 55.02, assessing consumer sentiment.

• 12:15 PM ET – FOMC Member Barkin Speaks: Additional remarks from the Richmond Fed President.

• 12:30 PM ET – Fed Governor Jefferson Speaks: Comments that may impact market expectations.

• 5:00 PM ET – Fed Collins Speaks: Insights from the Boston Fed President on economic matters.

This day is poised to be pivotal in shaping market trends, and participants are advised to stay informed about these key events and their potential implications.