What are the main events for today? | investingLive

In the European session, we don’t have anything on the agenda, so we can expect the usual choppy price action although some US dollar strength into Powell’s speech looks likely.

In the American session, we get the Canadian CPI. The most important measure, the Trimmed-Mean CPI YoY is expected at 3.1% vs 3.0% prior. That would be above the Bank of Canada’s 1-3% target band and certainly much higher than the 2% mid-point.

The market is pricing a 31% chance of a rate cut at the upcoming meeting, which looks totally misplaced based on the economic data. Overall, the market sees at least one last 25 bps rate cut by October 2026.

We have also Fed’s Bowman speaking today but given that she’s a known dove and that the topic of the discussion is about “fostering new technology in the banking system”, she’s unlikely to offer anything new or market-moving.