Upcoming macroeconomic events – April/May 2019
Do you write or edit portfolio manager commentaries? Do you want to stay on top of the macroeconomic events that shape your day-to-day life as a financial services marketer?
If so, here are the big macro events that the ext. team is keeping an eye on over the coming weeks.
- On April 24, the Bank of Canada (“BoC”) will announce its interest rate decision. At its previous meeting, the BoC maintained its benchmark overnight interest rate at 1.75%. Trade uncertainty and a slowdown in global economic activity factored into the BoC’s decision. While the BoC believes that current rates are still needed to support the economy, the BoC will continue to monitor economic developments before any further interest rate increases
- The U.S. will announce its first quarter advanced gross domestic product (“GDP”) growth rate on April 26. The U.S. economy grew 2.2% annualized in the fourth quarter of 2018, a slowdown from the 3.4% growth in the previous quarter. The advanced figure will give investors an early reading on the strength of the U.S. economy over the first quarter of 2019
- The U.S. Federal Reserve Board (“Fed”) will announce its interest rate decision on May 1. In March, the Fed maintained the target range for its federal funds rate at 2.25% to 2.50%. The Fed also announced that it would slowdown its balance sheet reduction. The Fed’s statement and economic outlook turned cautious, while projecting that there would be no rate increases in 2019. Still, markets will keenly observe and measure any and all comments from the Fed
- The Bank of England’s (“BoE”) interest rate decision will be announced on May 2. The BoE held its Bank Rate steady at its last meeting, citing global economic concerns and Brexit uncertainty. The official departure of the U.K. from the European Union (“EU”) has been delayed, again, as all parties work towards an approved deal. The International Monetary Fund has projected a substantial drop in GDP growth should the U.K. leave the EU without a deal
- Also on May 2, Europe’s final manufacturing PMI (“PMI”) will be announced. Europe’s PMI has been trending lower for over a year. In March, it was led lower by a significant slowdown in German manufacturing. Furthermore, the PMI was hurt by a reduction in export orders and easing price pressures. The announcement will be closely watched to gauge any improvement, or deterioration, in Europe’s economy