US Economic Calendar Today (Dec. 17, 2025): Fed Speakers, Oil Inventories, and CPI Countdown

Wednesday, December 17, 2025, arrives with a U.S. economic calendar that’s less about blockbuster government data and more about central bank signals, energy-market inflation risks, and a crowded set of “shutdown-shifted” narratives still rippling through markets. Investors are watching a trio of Federal Reserve speakers, tracking the weekly oil inventory report, and positioning ahead of Thursday’s inflation release. ^[1]

The backdrop is unusual: several high-profile U.S. releases have been delayed or rescheduled after a lapse in federal appropriations, and agencies are still updating calendars and catch-up timetables. That means “what’s on the calendar” and “what actually prints” can diverge—so today’s schedule is best read as a flexible watchlist rather than a fixed timetable. ^[2]

US Economic Calendar Today: Wednesday, December 17, 2025 (Times in ET)

Below is the practical U.S. market-moving diary for today—focused on events traders are actively using for rates, FX, equities, and inflation expectations.

Mortgage Applications (MBA Weekly Survey): Mortgage applications fell 3.8% week over week (week ending Dec. 12). The MBA’s composite index declined 3.8% (seasonally adjusted), refinance activity dipped 4%, and the 30-year fixed conforming rate rose to 6.38% from 6.33%. ^[3]
8:15 a.m. — Fed Governor Christopher Waller: Scheduled discussion on the economic outlook at the Yale University CEO Summit (New York). Markets will parse any hints on how the Fed weighs labor-market cooling versus “sticky” inflation pressures. ^[4]
9:05 a.m. — New York Fed President John Williams: Opening remarks at the New York Fed’s FX Market Structure Conference. (Reuters notes text and Q&A are not expected, which can limit headline volatility—but traders still watch for policy nuance.) ^[5]
10:30 a.m. — EIA Weekly Petroleum Status Report: The standard release time is 10:30 a.m. ET on Wednesdays. With oil prices jumping on geopolitical headlines, the crude/gasoline/distillate breakdown matters for near-term inflation chatter. ^[6]
12:30 p.m. — Atlanta Fed President Raphael Bostic: Economic outlook discussion (audience Q&A expected; no media Q&A, per Reuters listing). ^[7]

Calendar caution: The New York Fed’s own economic indicators calendar explicitly notes that dates and times are tentative and subject to immediate change—a key reminder during a catch-up period after the shutdown disruptions. ^[8]

Why Fed Speakers Are the Main “Macro Event” Today

Today’s Fed slate matters because it lands just a week after the Federal Open Market Committee cut rates by 25 bps, lowering the target range for the federal funds rate to 3.50%–3.75% on December 10. The FOMC statement framed the decision as balancing slower job gains and rising downside risks to employment against inflation that “remains somewhat elevated.” ^[9]

That combination—easing policy while inflation is still not fully tamed—naturally puts outsized weight on speeches, especially from officials seen as influential in the internal debate. In today’s market framing, investors aren’t only listening for “dovish vs. hawkish.” They’re listening for:

whether officials think inflation is truly bending lower into 2026,
whether the labor market is weakening fast enough to justify additional cuts,
and whether trade/tariff uncertainty is still viewed as a one-off price level shift or a more persistent inflation driver.

This is also why markets have stayed sensitive to any line that changes expectations for how many cuts come in 2026 and when they start. Reuters reporting this morning noted traders still see a path consistent with multiple cuts in 2026, even as recent data has been noisy. ^[10]

Oil Inventories Take Center Stage as Inflation Risks Resurface

One reason the EIA report is drawing extra attention today: oil prices jumped sharply after President Donald Trump ordered a blockade on sanctioned oil tankers entering and leaving Venezuela, injecting a fresh geopolitical risk premium into crude. Reuters reported Brent at about $60.33 and WTI near $56.69 in that move. ^[11]

Why it matters for the U.S. economic calendar narrative:

Energy prices feed into headline inflation directly.
They can also influence inflation expectations—something the Fed watches closely when assessing whether price pressures are “contained.”
And in a week where the market is waiting on U.S. inflation data, an oil spike can change the tone even before CPI prints.

Adding to the mix, Reuters also noted American Petroleum Institute (API) data pointing to a large crude inventory drawahead of the official EIA release—another reason energy desks are treating the 10:30 a.m. report like the day’s key datapoint. ^[12]

The Data Backdrop: Shutdown-Delayed Releases Still Driving Today’s Headlines

Even if today’s “pure” government calendar is relatively light, markets are trading the aftershocks of major releases that arrived late.

Jobs: Payroll growth “little changed,” unemployment at 4.6%

The most consequential macro reset this week was the November 2025 employment report, released Tuesday, December 16. The Bureau of Labor Statistics said total nonfarm payrolls rose by 64,000 and the unemployment rate was 4.6%. The release also spelled out how the government funding lapse affected the reporting schedule, noting November data publication was delayed and October data was not published at the usual time. ^[13]

For markets, the key takeaway is not just the headline payroll number. It’s the combination of:

a job market that looks softer than earlier in the year,
data quality/timing caveats due to the shutdown period,
and the Fed already in a cutting cycle—making each incremental labor signal more consequential for 2026 policy pricing. ^[14]

Retail sales: October spending flat, but still up year over year

Also Tuesday, December 16, the Census Bureau released October 2025 retail and food services sales at $732.6 billion, “virtually unchanged” from the prior month and up 3.5% from October 2024. The Census Bureau also highlighted that multiple releases were rescheduled as agencies coordinate calendar updates following the lapse in federal funding. ^[15]

Reuters coverage emphasized that the flat monthly reading was a surprise versus expectations and arrived as consumers continue to navigate higher living costs and shifting tariff-related price pressures in parts of the basket. ^[16]

Business inventories: September up 0.2%, inventory-to-sales ratio 1.37

The Commerce Department’s September business inventories data showed inventories up 0.2% (month over month), with the inventory-to-sales ratio holding at 1.37—a metric that can hint at whether demand is keeping pace with stockbuilding. ^[17]

In a normal week, inventories are second-tier. In this environment, they’re being read alongside delayed retail sales to answer a bigger question: Is the consumer slowing enough to cool inflation without cracking growth? ^[18]

Mortgage Rates and Housing Demand: A Real-Time Pulse Check

Today’s MBA mortgage application figures offer one of the timeliest reads on rate sensitivity.

Key points from the MBA weekly release:

Applications down 3.8% w/w (seasonally adjusted).
Refinance index down 4% w/w, but still 86% higher than a year earlier.
Purchase index down 3% w/w (seasonally adjusted).
Refinance share rose to 59% (a recent high).
30-year fixed conforming rate: 6.38% (up from 6.33%). ^[19]

Why this is on the “U.S. economic calendar today” radar: housing is where monetary policy often shows up fastest. When mortgage rates stop falling—or tick higher after a Fed meeting—applications can cool quickly, changing expectations for home sales, construction, and related consumption.

“Soft Data” That’s Moving Markets: CFO Inflation Expectations

One of the more important U.S. macro headlines dated December 17 comes from a new CFO survey: finance chiefs expect prices to rise about 4.2% in 2026, with tariffs still a top concern and confidence measures slipping. The survey also pointed to expectations for modest GDP growth and moderate employment gains—a mix that reinforces why markets are hanging on every Fed syllable today. ^[20]

This is not a government release, but it is timely, market-relevant information that can shape the inflation narrative—especially when officials are trying to judge whether inflation will glide back to 2% or remain stubbornly above target. ^[21]

Market Snapshot: What’s Driving Trading on December 17

Today’s economic calendar story is inseparable from the market tone:

U.S. stock futures edged higher as investors awaited more economic signals and Fed commentary, while energy and precious metals moves reflected heightened geopolitical uncertainty. ^[22]
The U.S. dollar hovered near multi-month lows as traders looked ahead to Thursday’s U.S. inflation data for the next policy clue. ^[23]
Oil’s jump adds an extra inflation-sensitive layer into the day, even before the EIA inventories land. ^[24]

For Google News and Discover readers, the practical implication is straightforward: today’s “economic calendar” is more about interpretation than raw data volume—Fed communications and energy-driven inflation expectations are setting the pace.

What’s Next: Thursday’s CPI Becomes the Week’s Main Event

If Wednesday is about positioning, Thursday is about the print.

The New York Fed’s calendar lists Consumer Price Index (CPI) at 8:30 a.m. ET on December 18, alongside the Philadelphia Fed Manufacturing Survey at the same time. ^[25]

That’s why today’s schedule matters even without a major 8:30 data release: markets are using the Fed speakers, oil inventories, and the latest delayed macro releases to decide how much risk to carry into the inflation number.

Bottom line: The U.S. economic calendar today (Dec. 17, 2025) is a classic “watch the Fed, watch oil, and get ready for CPI” session—made more complex by shutdown-driven scheduling distortions that have pushed major releases into this week and left calendars in flux. ^[26]