With imports increasing by more than exports, the Commerce Department released a report on Wednesday showing the U.S. trade deficit widened in the month of December.
The Commerce Department said the trade deficit increased to $62.2 billion in December from a revised $61.9 billion in November.
Economists had expected the trade deficit to narrow to $62.2 billion from the $63.2 billion originally reported for the previous month.
The wider trade deficit came as the value of imports shot up by $4.2 billion or 1.3 percent, while the value of exports jumped by $3.9 billion or 1.5 percent.
At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended February 2nd.
Crude oil inventories are expected to increase by 2.1 million barrels after rising by 1.2 million barrels in the previous week.
Federal Reserve Board Governor Adriana Kugler is scheduled to speak on “The Outlook for the Economy and Monetary Policy” before the Brookings Institution at 11 am ET.
At 11:30 am ET, Boston Federal Reserve President Susan Collins is due to give perspectives on the economy before the Boston Economic Club.
Richmond Federal Reserve President Thomas Barkin is due to participate in a conversation before the Economic Club of Washington, D.C. at 12 pm ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $42 billion worth of ten-year notes.
Federal Reserve Board Governor Michelle Bowman is due to speak on “Supporting Entrepreneurship and Small Businesses” before a virtual “Uneven Outcomes in the Labor Market” conference at 2 pm ET.
At 3 pm ET, the Federal Reserve is scheduled to release its repot on consumer credit in the month of December. Consumer credit is expected to increase by $16.0 billion.