Economic calendar

What it is

A speech or interview by Michelle Bowman, a member of the Federal Reserve Board who serves as Vice Chair for Supervision and sits on the FOMC.

Why it matters

The FOMC sets US interest rates, and her comments can hint at her views on monetary policy and bank regulation. The importance is usually medium.

Usual market reaction

Traders usually listen for what she says about inflation, the jobs market and the chance of rate changes. Prices tend to react to her tone compared with market expectations. A more hawkish tone than expected often supports the US dollar and tends to pressure gold, while a more dovish tone may weaken the dollar and often supports gold. If she focuses mainly on bank regulation, the market reaction is often smaller.

Forecast13.4BPrevious8.3B

What it is

A report from the US Federal Reserve showing how much consumer borrowing, such as credit cards and car loans, changed compared with the previous month.

Why it matters

It gives a hint of how willing Americans are to spend and borrow, and consumer spending is a big part of the US economy. Still, it is usually a lower-impact release for markets.

Usual market reaction

Prices react to the actual figure compared with the forecast. A higher-than-forecast result often points to strong spending and may give the US dollar slight support, while a lower one tends to weigh on it slightly. Moves in gold and stock indices from this release are usually modest.