Fed decision, housing data, and oil 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, September 18, 2024. The Federal Reserve's interest rate decision, along with key housing data and oil inventory reports, will be at the forefront of investors' minds. These releases have the potential to significantly impact various sectors of the economy and financial markets.


Major Economic Events to Watch

• 8:30 AM ET: Building Permits (Forecast: 1.410M, Previous: 1.406M) - A key indicator of housing market demand

• 10:30 AM ET: EIA Crude Oil Inventories (Forecast: -0.100M, Previous: 0.833M) - Weekly change in commercial crude oil held by US firms

• 2:00 PM ET: Interest Rate Decision (Forecast: 5.25%, Previous: 5.50%) - FOMC members vote on where to set the rate

• 2:00 PM ET: FOMC Economic Projections - Includes inflation and economic growth projections for the next 2 years

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

• 2:30 PM ET: FOMC Press Conference - Federal Reserve Chair's remarks on monetary policy decisions


Other Important Economic Events to Watch

• 8:30 AM ET: Housing Starts (Forecast: 1.310M, Previous: 1.238M) - Measures change in new residential construction

• 8:30 AM ET: Building Permits (Previous: -3.3%) - Month-over-month change in new building permits issued

• 8:30 AM ET: Housing Starts (Previous: -6.8%) - Month-over-month change in new construction projects

• 10:30 AM ET: Atlanta Fed GDPNow (Forecast: 3.0%, Previous: 3.0%) - Running estimate of real GDP growth

• 10:30 AM ET: EIA Weekly Cushing Oil Inventories (Previous: -1.704M) - Change in crude oil storage at Cushing, Oklahoma

• 2:00 PM ET: FFR Projection-2nd Yr (Previous: 3.1%) - Federal funds rate projection for the second year

• 2:00 PM ET: FFR Projection-3rd Yr (Previous: 2.9%) - Federal funds rate projection for the third year

• 2:00 PM ET: FFR Projection-Longer (Previous: 2.8%) - Long-term federal funds rate projection

• 2:00 PM ET: FFR Projection-Current (Previous: 5.1%) - Current federal funds rate projection

• 2:00 PM ET: FFR Projection-1st Yr (Previous: 4.1%) - Federal funds rate projection for the first year

• 4:00 PM ET: TIC Net Long-Term Transactions (Previous: 96.1B) - Measures foreign investment in US securities


Other Economic Events to Watch

• 7:00 AM ET: MBA 30-Year Mortgage Rate (Previous: 6.29%) - Fixed 30-year mortgage lending rates

• 7:00 AM ET: MBA Mortgage Applications (Previous: 1.4%) - Change in new mortgage applications

• 7:00 AM ET: MBA Purchase Index (Previous: 138.6) - Index of mortgage applications for home purchases

• 7:00 AM ET: Mortgage Market Index (Previous: 233.7) - Covers all mortgage applications during the week

• 7:00 AM ET: Mortgage Refinance Index (Previous: 757.8) - Gauge of mortgage refinancing activity

• 10:30 AM ET: Gasoline Inventories (Forecast: 0.610M, Previous: 2.310M) - Change in commercial gasoline inventory

• 10:30 AM ET: EIA Weekly Distillates Stocks (Forecast: 0.080M, Previous: 2.308M) - Inventory levels of distillates

• 10:30 AM ET: EIA Refinery Crude Runs (Previous: -0.141M) - Amount of crude processed by refineries

• 10:30 AM ET: EIA Weekly Refinery Utilization Rates (Previous: -0.5%) - Percentage of operable refinery capacity utilized

• 10:30 AM ET: EIA Weekly Gasoline Production (Previous: -0.371M) - Weekly gasoline production levels

• 10:30 AM ET: EIA Weekly Distillate Fuel Production (Previous: 0.040M) - Weekly distillate fuel production levels

• 10:30 AM ET: EIA Weekly Crude Imports (Previous: 1.526M) - Weekly crude oil import levels

• 10:30 AM ET: EIA Weekly Heatoil Stock (Previous: -0.695M) - Weekly heating oil inventory levels

• 4:00 PM ET: TIC Net Long-Term Transactions including Swaps (Forecast: 54.90B, Previous: 96.10B) - Measures foreign investment in US securities including swaps

• 4:00 PM ET: Overall Net Capital Flow (Previous: 107.50B) - Sum of various international financial flows

• 4:00 PM ET: Foreign Buying, T-bonds (Previous: 9.80B) - Net purchases of US treasury bonds by foreign investors


For further information and the latest updates, please refer to our Economic Calendar, here https://www.investing.com/economic-calendar/


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Source: Investing.com