The ISM Services Index is scheduled for release today at 10:00 AM EST, and is expected to increase to 50.7 in February after rising to 50.5 in January, following an increase to 49.8 in December. The index’s complement, the ISM Manufacturing Index decreased to 56.5 on Monday’s release after increasing to 58.4 in January.
Crude inventories are expected today at 10:30 AM EST. For the week ending February 19, U.S. commercial crude oil inventories had increased by 3.0 million barrels from the previous week to 337.5 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.1 million barrels per day during this period, 335 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 9.1 million barrels per day, up 536 thousand barrels per day from the previous week.
Today the Fed’s Beige Book is also scheduled for release at 2:00 PM EST, which will be the topic of discussion for the 2 day meeting of the Federal Open Market Committee board of governors, which will commence on March 15th. The FOMC Policy Statement will be released upon conclusion of the meeting at 2:15 PM EST on March 16th where decisions on interest rate targets will be addressed.
Upcoming Releases
ISM Services Index (03/03 at 10:00 AM EST)
Crude Inventories (03/03 at 10:30 AM EST)
Fed’s Beige Book (03/03 at 2:00 PM EST)
Initial Claims (03/04 at 8:30 AM EST)
