Daily Calendar: ECB, BOE Rate Decision, US Housing Data in Focus

This is a heavy macro calendar, but the rate decisions themselves are less telling than the data and commentary around them. Eurozone final CPI and US housing and jobless claims will shape the rate-path narrative more than any single speaker, and housing starts and permits offer a read on how elevated borrowing costs are feeding into real activity. Whether the ECB commentary and US housing data point in the same direction on the inflation-growth trade-off is the open question.