Fed decision, building permits, crude inventories in focus Wednesday

As traders approach another pivotal day for financial markets, a series of crucial decisions and economic data releases that could sway market dynamics are expected on Wednesday, December 18, 2024. The Federal Reserve's interest rate decision, building permits data, and EIA crude oil inventories are among the key events that will be closely watched by investors and analysts alike.

Major Economic Events to Watch

• 8:30 AM ET: Building Permits (Nov) - Forecast: 1.430M, Previous: 1.419M. A key indicator of housing market demand.

• 10:30 AM ET: EIA Crude Oil Inventories - Forecast: -1.600M, Previous: -1.425M. Weekly change in commercial crude oil held by US firms.

• 2:00 PM ET: Fed Interest Rate Decision - Forecast: 4.50%, Previous: 4.75%. FOMC members vote on where to set the rate.

• 2:00 PM ET: FOMC Economic Projections. The Fed's outlook for inflation and economic growth.

• 2:00 PM ET: FOMC Statement. Primary tool for communicating monetary policy to investors.

• 2:30 PM ET: FOMC Press Conference. Fed Chair's remarks on monetary policy decisions.

Other Important Economic Events to Watch

• 8:30 AM ET: Current Account (Q3) - Forecast: -286.0B, Previous: -266.8B. Measures the difference in value between exported and imported goods and services.

• 8:30 AM ET: Building Permits (MoM) (Nov) - Previous: -0.4%. Month-over-month change in new building permits issued.

• 8:30 AM ET: Housing Starts (Nov) - Forecast: 1.350M, Previous: 1.311M. Annualized number of new residential buildings that began construction.

• 8:30 AM ET: Housing Starts (MoM) (Nov) - Previous: -3.1%. Month-over-month change in new housing construction starts.

• 10:30 AM ET: EIA Weekly Cushing Oil Inventories - Previous: -1.298M. Change in crude oil storage at Cushing, Oklahoma.

• 10:30 AM ET: Atlanta Fed GDPNow (Q4) - Forecast: 3.1%, Previous: 3.1%. Running estimate of real GDP growth for the current quarter.

• 2:00 PM ET: Fed Funds Rate Projections for 1st, 2nd, 3rd year, and longer-term. Previous: 3.4%, 2.9%, 2.9%, 2.9% respectively.

• 2:00 PM ET: Fed Funds Rate Projection - Current - Previous: 4.4%.

Other Economic Events to Watch

• 7:00 AM ET: MBA 30-Year Mortgage Rate - Previous: 6.67%. Fixed 30-year mortgage lending rates.

• 7:00 AM ET: MBA Mortgage Applications - Previous: 5.4%. Change in number of new mortgage applications.

• 7:00 AM ET: MBA Purchase Index - Previous: 154.9. Index of mortgage applications for home purchases.

• 7:00 AM ET: Mortgage Market Index - Previous: 225.5. Covers all mortgage applications during the week.

• 7:00 AM ET: Mortgage Refinance Index - Previous: 634.0. Gauge of mortgage refinancing activity.

• 10:30 AM ET: EIA Weekly Heatoil Stock - Previous: 0.504M.

• 10:30 AM ET: EIA Weekly Crude Imports - Previous: -0.170M.

• 10:30 AM ET: EIA Weekly Distillates Stocks - Previous: 3.235M. Inventory levels of distillates.

• 10:30 AM ET: EIA Refinery Crude Runs - Previous: -0.251M.

• 10:30 AM ET: Gasoline Inventories - Previous: 5.086M. Change in commercial gasoline inventory.

• 10:30 AM ET: EIA Weekly Refinery Utilization Rates - Previous: -0.9%.

• 10:30 AM ET: EIA Weekly Gasoline Production - Previous: 0.549M.

• 10:30 AM ET: EIA Weekly Distillate Fuel Production - Previous: -0.086M.

For further information and the latest updates, please refer to our Economic Calendar, here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com