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Canada CPI, US housing data, Fed minutes highlight the economic calendar

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The FOMC meeting minutes from August will be released at 2 PM ET

The release and event highlights today will be led by the FOMC meeting minutes at 2 PM ET. Canada CPI data and US housing starts will also be released:

  • Canada CPI for July will be released at 8:30 AM with expectations of 0.3%. The core rose by 0.3% last month.
  • US building permits and housing starts were released at 8:30 AM ET with building permits expected to rise to 1.61M versus 1.59M last month.  Housing starts are expected to dip to 1.6M from 1.64M last month
  • US crude oil inventories will be released at 10:30 AM ET with expectations for crude oil to show a decline of -1.055M and gasoline inventories to show a decline of -1.671M. The private data last night showed crude inventories -1.163M and gasoline inventories -1.1979M largely in line with the estimates today.  The chatter as Iran is mining rich uranium which would mean that sanctions would remain and that is helping to increase the price of oil in early New York trading
  • The FOMC meeting minutes will be released at 2 PM ET. The Fed toed the line at the last meeting.  However, since the meeting there have been a number of Fed officials who have expressed the desire to start to taper sooner rather than later. Feds Rosengren said today that the bond buying was the wrong tool given the current economic situation.  

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