Daily digest market movers: Going to the Capitol

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  • At 12:00 GMT, the weekly Mortgage Applications number will be released. The previous number was a 5.6% decline.
  • ADP will release its Private Employment number for February at 13:15 GMT. Job creation is expected to increase from 107,000 to 150,000.
  • At 15:00 GMT, Wholesale Inventories for January will be released, with expectations of another mild 0.1% contraction as was seen in December. 
  • JOLTS Job Openings data for January, also at 15:00 GMT, are expected to fall from 9.026 million to 8.9 million.
  • US Federal Reserve Chairman Jerome Powell will make his statement and reply to questions from Congress at 15:00 GMT. Normally markets will react even before he sits as the statement will be released by the Federal Reserve just minutes before the speech takes place. 
  • The Fed speak for this Wednesday does not stop with Powell. San Francisco Fed President Mary Daly will be speaking around 17:00 GMT, followed by Minneapolis Fed President Neel Kashkari around 21:15 GMT. In between both speakers, the Fed’s Beige Book will be released as well.  
  • Equities are recovering from their meltdown on Tuesday, though the current gains are far too little to make good on this week’s losses. Besides the Hong Kong Hang Seng Index, which is up over 1.70%, all other major indices are holding on to less than 0.50% of gains. 
  • According to the CME Group’s FedWatch Tool, expectations for a Fed pause in the March 20 meeting are at 97%, while chances of a rate cut stand at 3%. 
  • The benchmark 10-year US Treasury Note trades around 4.16%, roughly sideways seeing last week’s range. 


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