BofA warns Fed risks policy mistake with early rate cuts
As traders approach another pivotal day for financial markets, Thursday, July 17, 2025, is set to deliver a series of crucial economic data releases that could sway market dynamics. The spotlight will be on retail sales figures, initial jobless claims, and the Philadelphia Fed Manufacturing Index, all of which have the potential to influence investor sentiment and monetary policy expectations.
Major Economic Events to Watch
• 8:30 AM ET: Core Retail Sales (Forecast:0.3%, Previous: -0.3%) - A key indicator of consumer spending excluding automobiles
• 8:30 AM ET: Retail Sales (Forecast:0.1%, Previous: -0.9%) - The foremost indicator of overall consumer spending
• 8:30 AM ET: Philadelphia Fed Manufacturing Index (Forecast:-1.2, Previous: -4.0) - Gauges business conditions in the Philadelphia area
• 8:30 AM ET: Initial Jobless Claims (Forecast:233K, Previous: 227K) - Measures new unemployment insurance claims
Other Important Economic Events to Watch
• 8:30 AM ET: Import Price Index (Forecast:0.3%, Previous: 0.0%) - Tracks changes in prices of imported goods
• 8:30 AM ET: Export Price Index (Forecast:0.0%, Previous: -0.9%) - Measures price changes in U.S. export goods
• 8:30 AM ET: Philly Fed Employment (Previous:-9.8) - Employment component of the Philadelphia Fed index
• 8:30 AM ET: Retail Control (Forecast:0.3%, Previous: 0.4%) - Core retail sales figure excluding certain volatile categories
• 8:30 AM ET: Continuing Jobless Claims (Forecast:1,970K, Previous: 1,965K) - Ongoing unemployment insurance claims
• 10:00 AM ET: Retail Inventories Ex Auto (Forecast:0.2%, Previous: 0.2%) - Measures retail inventory levels excluding automobiles
• 10:00 AM ET: Business Inventories (Forecast:0.0%, Previous: 0.0%) - Tracks changes in the total value of inventories held by manufacturers, wholesalers, and retailers
• 12:45 PM ET: FOMC Member Daly Speaks - Public engagement by San Francisco Fed President
• 1:00 PM ET: Atlanta Fed GDPNow (Forecast:2.6%, Previous: 2.6%) - Real-time estimate of GDP growth
• 4:00 PM ET: TIC Net Long-Term Transactions (Previous:-7.8B) - Measures foreign investment in U.S. long-term securities
• 6:30 PM ET: Fed Waller Speaks - Federal Reserve Governor’s public remarks
Other Economic Events to Watch
• 8:30 AM ET: Retail Sales Ex Gas/Autos (Previous:-0.1%) - Retail sales excluding volatile categories
• 8:30 AM ET: Philly Fed New Orders (Previous:2.3) - New orders component of the Philadelphia Fed index
• 8:30 AM ET: Philly Fed Business Conditions (Previous:18.3) - Business outlook component of the Philadelphia Fed index
• 8:30 AM ET: Philly Fed Prices Paid (Previous:41.40) - Prices paid component of the Philadelphia Fed index
• 8:30 AM ET: Philly Fed Capex Index (Previous:14.50) - Capital expenditure component of the Philadelphia Fed index
• 8:30 AM ET: Retail Sales (Previous:3.29%) - Year-over-year retail sales growth
• 8:30 AM ET: Jobless Claims 4-Week Avg. (Previous:235.50K) - Four-week moving average of initial jobless claims
• 8:30 AM ET: Export Price Index (Previous:1.7%) - Year-over-year change in export prices
• 8:30 AM ET: Import Price Index (Previous:0.2%) - Year-over-year change in import prices
• 10:00 AM ET: NAHB Housing Market Index (Forecast:33, Previous: 32) - Measures homebuilder sentiment
• 10:00 AM ET: FOMC Member Kugler Speaks - Federal Reserve Governor’s public remarks
• 10:30 AM ET: Natural Gas Storage (Previous:53B) - Weekly change in natural gas inventories
• 11:30 AM ET: 4-Week Bill Auction (Previous:4.235%) - Short-term Treasury bill auction results
• 11:30 AM ET: 8-Week Bill Auction (Previous:4.275%) - Short-term Treasury bill auction results
• 1:30 PM ET: Fed Governor Cook Speaks - Federal Reserve Governor’s public remarks
• 4:00 PM ET: TIC Net Long-Term Transactions including Swaps (Forecast:55.30B, Previous: -7.80B) - Measures foreign investment in U.S. securities including swaps
• 4:00 PM ET: Overall Net Capital Flow (Previous:-14.20B) - Measures total capital flows in and out of the U.S.
• 4:00 PM ET: Foreign Buying, T-bonds (Previous:-40.80B) - Net foreign purchases of U.S. Treasury bonds
For further information and the latest updates, please refer to our Economic Calendar, here.
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