Unit 4 · Level 3 · Reading the macro calendar
The big prints
A few scheduled minutes move trillions: CPI day (the inflation print), FOMC and ECB days (the rate decision, then the press conference), and the monthly US jobs report. Prices can whipsaw violently within seconds as algorithms parse the numbers, then reverse when the press conference starts. Knowing WHEN these land is basic macro hygiene.
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What you get asked
Match each calendar event to what it reveals
These are the market's fixed appointments: the League 2 dashboard gauges, now with dates and times attached.
Why can markets whipsaw so hard on these scheduled days?
The data feeds straight into rate expectations, and rate expectations reprice everything, so enormous money reacts to a single number at a known moment.
The press ___ after a rate decision often moves markets more than the decision itself.
The decision is usually priced in; the chief's tone about FUTURE moves is the fresh information. Recall 'central bank speak' from League 1.
Prices often jump on the rate decision, then reverse minutes later. Why?
The statement lands first, the nuance lands at the microphone. Many a 2pm rally has died at the 2:30 press conference.
The most basic macro-calendar habit:
You can't dodge turbulence you didn't see coming. Checking the week's calendar takes two minutes and spares you many ugly surprises. 🐜
The rest of this unit
CPI day, Fed day, jobs day: learn to read the week's big prints like the pros do.