Bank of Canada decision and the Beige Book on the agenda
The economic data calendar is basically bare in upcoming US and Canadian trading. The only numbers that will roll out are the weekly EIA energy inventories. Judging by the API data released late Tuesday, there should be small draws across the board.
The main event will be the Bank of Canada decision at 10 am ET (1400 GMT). There's a chance of a hike and some global implications, something I wrote about in the BOC preview.
As for the Fed, New York Fed President Dudley speaks at 1230 GMT and against at 1915 GMT. He's retiring in June. Other Fedspeak comes at 2015 GMT from Quarles who is taking questions at a conference in Bretton Woods.
The main event for US traders will be the Beige Book at 1800 GMT (2 pm ET). It will be all about the commentary on wages/inflation. The market is still reluctant to price in three hikes this year, let alone four.
I wrote recently on what's priced in for the FOMC.
