The Bank of Japan will release its interest rate decision this Monday. After pushing its benchmark interest rate negative earlier this year, BOJ is not expected to implement any further easing until July.
With inventory-to-sales ratio at multi-year high, February’s Retail Sales data will provide the most recent outlook for consumer spending which accounts for 70% of U.S. GDP. The general consensus is for an increase of 3.4% YoY, slightly up from 3.29% YoY last month.
U.S. headline and core Consumer Price Index (CPI) will be released this Wednesday. This will provide the Federal Open Market Committee (FOMC) one last look at the inflation outlook before its monetary policy statement later that afternoon.
All eyes of the market will be on the U.S. Federal Reserve Federal Open Market Committee (FOMC) statement and the Fed Economic projections on Wednesday, March 16 at 2:00 pm. Interest rate is expected to remain between 25 to 50 basis point with Fed Funds Futures point to a mere 8% possibility of rate hike.
Canadian Consumer Price Index (CPI) data will be released this Friday. Core inflation is expected to stay steady at 2% YoY, while headline inflation is expected to decline to 1.6% YoY due to slumping commodity prices.