Russia’s economy is likely already in recession with the ruble tumbling to new lows. But the country’s pain is just starting, says one of the world’s largest banking groups.Wednesday:
“There is complete panic in the financial markets” in Russia, said Lubomir Mitov, chief Europe economist at the Institute of International Finance, a banking industry group in Washington that represents more than 500 of the world’s largest private financial firms.
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Russia’s economy is verging on collapse for two major reasons: oil and sanctions
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:30 AM, Consumer Price Index for November. The consensus is for a 0.1% decrease in CPI in October, and for core CPI to increase 0.1%.
• At During the day, The AIA's Architecture Billings Index for November (a leading indicator for commercial real estate).
• At 2:00 PM, FOMC Meeting Statement. The FOMC is expected to make no change to policy, however the phrase "considerable period" will probably be changed in the statement.
• At 2:00 PM, FOMC Forecasts. This will include the Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate along with the quarterly economic projections.
• At 2:30 PM, Fed Chair Janet Yellen holds a press briefing following the FOMC announcement.