Schedule for the day.
The testimony from Chairman Powell to House lawmakers will begin at 10 AM, but the prepared text will be released at 8:30 AM ET. That will give traders the heads up for the tone.
The Canada are expected to keep rates unchanged at 10 AM ET.
US wholesale inventories and wholesale trade sales will also be released at 10 AM. Inventories are expected to rise by 0.4% (same as last week). The wholesale trade sales are expected to rise by 0.3% after a -0.4% decline last month.
At 10:30 AM the DOE report the weekly inventory data. Last night the private estimates showed a sharp drawdown of -8.129M barrels. The estimate is for -2.9M barrels. Gasoline inventories are expected to show a draw by -2.0M and distillate are expected to show a build of 0.800M barrels. Below is the reported private data released late yesterday.
The US treasury will auction off 10 year yields at 1 PM
The FOMC meeting minutes from the June meeting were released at 2 PM ET