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Analysts at TD Securities point out that the Fed Chairman Powell will continue his semi-annual Congressional testimony with an appearance before the House Financial Services Committee at 10:00 ET and will be a key event for today’s session.

Key Quotes

“We continue to expect the Chairman not to front-run the FOMC with any significant announcements, largely maintaining the message put forward in his testimony before the Senate Banking Panel on Tuesday.”

“On the data front, the market consensus expects pending home sales to rebound 0.8% m/m in January following a sharp 2.2% decline. The release of the advanced goods trade balance for December as well as revisions to a lower-than-expected increase in durable goods orders for December will round out the data flow.”