Commodity Traders Gear Up For A Busy Week Ahead of Thanksgiving – What’s Next?

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It’s an action packed week ahead of Thanksgivings, which kicks off with a series of high-impact events that traders will not want to miss out on including; two Federal Reserve announcements, a highly anticipated U.S Inflation reading as well as the latest U.S Third Quarter GDP figures.

Inflation will continue to dominate the headlines and drive the markets again this week as traders await the release of Personal Consumption Expenditures (PCE) data, which is known as the Federal Reserve’s favourite measure of inflation.

With inflation running out of control and at its highest in three decades – the reading is expected to top forecasts for 11 straight months in a row, showing the largest year-over-year jump in PCE inflation since the early 1990s.

Elsewhere this week, all eyes will be on President Joe Biden’s decision on the next Federal Reserve chair expected by the end of the week.

Biden is choosing between current Fed Chair Jerome Powell and Fed Governor Lael Brainard, who is viewed as much more dovish on tapering and rate hikes. If Brainard is named as the next Fed Chair that ultimately means that the central bank could take much longer to raise interest rates and tighten policy than under Fed Chair Jerome Powell.

Also on the radar this week will be the closely watched FOMC Meeting Minutes, U.S Third Quarter GDP data and personal spending figures.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.