# Economic Calendar Framework

## Central Bank Meetings
- **FOMC (Federal Reserve):** Sets baseline policy rate and forward guidance. Look for dot plot changes and tone.
- **ECB (European Central Bank):** Eurozone policy, highly sensitive to inflation prints.
- **BOJ (Bank of Japan):** Yield curve control (YCC) changes can cause global liquidity shocks.
- **PBOC (People's Bank of China):** Key for global commodity demand and emerging market liquidity.

## Key Macro Indicators
### Inflation
- **CPI (Consumer Price Index):** Broad headline and core measure.
- **PCE (Personal Consumption Expenditures):** Fed's preferred inflation gauge.
- **PPI (Producer Price Index):** Leading indicator for consumer prices.

### Labor Market
- **Non-Farm Payrolls (NFP):** Main gauge of job creation and wage inflation.
- **JOLTS:** Job openings and labor turnover; measures labor market tightness.
- **Initial Jobless Claims:** High-frequency indicator of labor market health.

### Growth and Activity
- **GDP (Gross Domestic Product):** Quarterly growth measure.
- **PMI (Purchasing Managers' Index):** Manufacturing and Services. >50 expansion, <50 contraction.
- **Retail Sales:** Gauge of consumer spending health.