BNY's Americas Macro Strategist John Velis maintains a call for three Federal Reserve rate cuts by year end, almost one more than current market pricing.

Federal Reserve (Fed) Governor Michael Barr said that he believes that recent United States (US) data indicates a stabilizing job market.

United States 52-Week Bill Auction: 3.345% vs previous 3.39%

Royal Bank of Canada’s (RBC) Nathan Janzen notes that Canadian CPI slowed in January, with headline inflation at 2.3% and ex‑tax measures at 2.1%.

New Zealand GDT Price Index dipped from previous 6.7% to 3.6%

Rabobank’s Jane Foley notes that stronger-than-expected Norwegian CPI data has upended the Norges Bank’s easing narrative, pushing markets to price an extended pause instead of further cuts.

United States NAHB Housing Market Index registered at 36, below expectations (38) in February

Federal Reserve (Fed) President of the Bank of Chicago, Austan Goolsbee, said that services inflation is “not tame” and added that there are potentially several more rate cuts in 2026, in an interview with CNBC on Tuesday

Danske Research Team highlights a sharp downside surprise in Swedish unemployment, with the seasonally adjusted rate dropping to 8.0% versus 8.8% consensus. December and January figures imply sizeable positive revisions to labour metrics.

Employment in the United States (US) private sector continues to expand at a moderate pace, with companies adding an average of 10,250 jobs per week in the four weeks ending January 31, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report.

TD Securities forecasts PCE inflation to firm in December, with core PCE at 0.25% m/m and headline at 0.27% m/m, translating to 2.9% and 2.8% y/y respectively.

ING’s Francesco Pesole argues that the Reserve Bank of New Zealand’s November 2025 projections underestimated inflation, with recent CPI data overshooting forecasts.

Canada Consumer Price Index - Core (MoM) remains unchanged at 0.2% in January

Canada Consumer Price Index (MoM) registered at 0%, below expectations (0.1%) in January

Canada Consumer Price Index (YoY) came in at 2.3%, below expectations (2.4%) in January

Canada BoC Consumer Price Index Core (MoM) up to 0.2% in January from previous -0.4%

Canada Foreign Portfolio Investment in Canadian Securities came in at $-5.57B, below expectations ($14.27B) in December

Canada Wholesale Sales (MoM) below expectations (2.1%) in December: Actual (2%)

Canada BoC Consumer Price Index Core (YoY) down to 2.6% in January from previous 2.8%

Canada Canadian Portfolio Investment in Foreign Securities: $13.06B (December) vs previous $16.49B

United States NY Empire State Manufacturing Index above forecasts (6) in February: Actual (7.1)

United States ADP Employment Change 4-week average climbed from previous 6.5K to 10.3K in January 24

TD Securities expects UK January CPI to slow to 3.1% year-on-year, mainly on food and energy base effects, with core inflation seen unchanged at 3.2%. UK labour market data surprised negatively, with weaker job gains, higher unemployment and slowing wage growth.

ING’s Frantisek Taborsky expects the National Bank of Romania to keep rates at 6.50%, with inflation still high but projected to ease mid-year.

BNP Paribas analysts expect the Dollar to weaken, with the US economy still growing above potential in 2026 and inflation overshooting target due to tariffs. Analysts project the Fed Funds target range to remain at 3.5%-3.75% through 2026.

South Africa Unemployment Total dipped from previous 8.007M to 7.836M in 4Q

South Africa Unemployment Rate (%) fell from previous 31.9% to 31.4% in 4Q

Italy Trade Balance EU down to €-2.447B in December from previous €-1.959B

Italy Global Trade Balance registered at €6.037B above expectations (€4.5B) in December

The publication of Canada’s January Consumer Price Index (CPI) figures on Tuesday will be the focus of attention.