US: Fed’s Brainard speech in focus - TDS

Fed Governor Brainard will deliver the keynote address at the New York Fed’s conference on normalizing the balance sheet and will be closely watched by investors for clue on interest rates.

Key Quotes

“Brainard’s speech will be posted online at 12:30 ET and she is likely to take audience questions afterward.’

 On the data calendar, we have JOLTS Job Openings for May will be released later in the morning and are expected by the market to slip back to 5950k from a historical high of 6044k in June. Last on the calendar is the final release of May wholesale sales, which the market expects to remain unrevised at 0.3% m/m.”

“CAD: Housing starts for June are expected to rebound by both TD and the wider market. We expect starts to accelerate to a 205k pace, slightly above the market consensus for 200k, on a pickup in both single and multi-family construction.”