The Fed was going to be the main focus on the economic calendar even before President Donald Trump explicitly called for Chair Jerome Powell to resign in a Truth Social post.
Wednesday, July 9: Federal Open Market Committee (FOMC) meeting minutes: The minutes from the June FOMC meeting are unlikely to include any mention of central bank independence.
But we will hear from monetary policymakers about tariffs and inflation as well as the condition of the labor market and the broader economy.
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Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.
Please check back often. This economic calendar is updated regularly.
Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.
Economic calendar highlights
Monday (7/7)
There are no noteworthy economic reports scheduled for release on Monday, July 7.
Tuesday (7/8)
Economic report | Period | Time released |
NFIB Small Business Index | June | 6 am |
Consumer credit | May | 3 pm |
Wednesday (7/9)
Catch up with the Fed
"Recent communications from Federal Reserve officials reveal a notable divergence of opinions regarding the timing of potential interest rate cuts," writes Deutsche Bank U.S. Economist Amy Yang in a recent Fed Watcher note.
"This division," Yang observes, "aligns with the signals sent by the Summary of Economic Projections (SEP) released in June."
Investors, traders and speculators will look for more clues about this much-discussed "divergence" and what it means in the context of President Donald Trump's assault on Fed Chair Jerome Powell and central bank independence.
"Dovish" voting members of the FOMC will "look through" potential inflationary impact of Trump's tariffs to focus on "the protection of the labor market from downside risks."
Powell occupies a middle, wait-and-see position.
"Hawkish" members continue to emphasize the Fed should be in in no rush to cut rates "as it will take time for the inflationary effects of tariffs to become evident in the data."
Still, Yang concludes, "The overall tone of Fed communications suggests that the September meeting is the earliest 'live' meeting for a rate cut, barring an unexpected weakening in the near-term labor market data."
At the same time, the economist notes too that a rate cut before December is becoming more likely.
Economic report | Period | Time released |
Wholesale inventories | May | 10 am |
Federal Open Market Committee (FOMC) meeting minutes | N/A | 2 pm |
Thursday (7/10)
Economic report | Period | Time released |
Weekly jobless claims | Week ending July 5 | 8:30 am |
St. Louis President Alberto Musalem speaks | N/A | 10 am |
San Francisco Fed President Mary Daly speaks | N/A | 2:30 pm |
Friday (7/11)
Economic report | Period | Time released |
Monthly U.S. federal budget | N/A | 2 pm |
Reporting schedules are provided Forex Factory and MarketWatch.
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