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Analysts at TD  Securities suggest that in the US, Fed Chairman Powell will kick off his semi-annual Congressional testimony with an appearance before the Senate Banking Panel at 10:00 ET and will be a key economic event for today.

Key Quotes

“Expect him to emphasize patience. He will not front-run the FOMC and announce anything new on the balance sheet, other than repeating that runoff could end this year.”

“On the data front, markets expect December housing starts to edge lower to a 1250k pace, down 0.5% on the month, while permits are expected to post a slightly larger 2.8% decline to 1290k. These data give the first update on residential construction since the government shutdown.”

“Conference Board consumer confidence will round out the data flow, with the market looking for the index to recover to 124.1 in February after a 16-point plunge over the past two months.”