The highlight of the economic calendar in North American trading today is probably Chicago Fed President Austan Goolsbee, who will be on CNBC at the bottom of the hour. He spoke on Friday so I don’t know if there’s some material change he can make.
Here were the headlines from that speech:
- It’s important to “be aware that historically when the unemployment rate starts going up, it doesn’t just gradually drift up. It tends to go up rapidly.”
- Did not rule out the possibility of Fed cutting rates in March
- Expects rates to be lower next year compared to now, though not significantly
- With inflation fall to 2% target, it could be appropriate to be more mindful of risk that unemployment rises
Otherwise, the focus will be on housing, starting with Canadian new house prices for November at the bottom of the hour followed by the US NAHB survey at 10 am ET. The later will be an interesting one as it should capture part of the period with falling interest rates.