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Key Market Events for the Week of February 16–20, 2026
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February 15, 2026
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8 min read
This week features the FOMC Minutes, a US data deluge (GDP, PCE, housing, industrial production), global PMI flash readings, and key central bank signals (FOMC Minutes, PBoC, Banxico). Multiple holidays thin liquidity early in the week — the US, Canada, China, South Korea, and most of Latin America are closed on Monday. Here’s what to watch. This is part of The Rio Times’ daily coverage of Latin American markets and financial news.
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Browse the directory →⚠ Holiday Watch: US closed Monday (Washington’s Birthday). Canada closed Monday (Family Day). China closed Mon–Fri (Chinese New Year). South Korea closed Mon–Wed (Korean New Year). Brazil closed Mon–Tue (Carnival), Wed (Ash Wednesday). Argentina, Venezuela, Ecuador closed Mon–Tue (Carnival). Thin liquidity across Asia and LATAM early in the week.
Three Themes That Will Define the Week
| 1 | US GDP + PCE Friday blockbuster: The advance Q4 GDP estimate (consensus +2.8% annualized, down from +4.4%) and December core PCE (consensus 3.0% YoY, up from 2.8%) land simultaneously Friday at 08:30 ET — the combination defines the Fed’s rate path into the March FOMC. |
| 2 | Central bank signals — FOMC Minutes, PBoC, and Banxico: Wednesday’s FOMC Minutes reveal the hawkish tilt from the January hold. Thursday’s PBoC Loan Prime Rate decision comes with China still on holiday. Mexico’s Banxico monetary policy minutes (Thursday) provide the latest signal on LATAM’s largest economy easing cycle. Multiple Fed speakers (Bowman, Daly, Bostic, Kashkari, Goolsbee, Logan) throughout the week add further color. |
| 3 | Global inflation + PMI sweep: UK CPI (Wed), Japan CPI (Thu night), Canada CPI (Tue), and flash February PMIs across the US, Eurozone, UK, and Japan (Thu–Fri) provide a comprehensive read on the global inflation/growth trade-off. Mexico’s Banxico minutes (Thu), Brazil’s IBC-Br (Thu), and Colombia Q4 GDP (Mon) anchor the LATAM macro picture. |
Week at a Glance — High-impact events only
| Day | Time | Region | Event | Cons. | Prior |
| Mon | 10:00 | COLOMBIA | GDP YoY / QoQ (Q4) | 3.1% / — | 3.6% / 1.2% |
| Tue | 02:00 | UK | Employment / Unemployment Rate (Dec) | 5.1% | 5.1% |
| Tue | 05:00 | EU | German ZEW Economic Sentiment (Feb) | 65.2 | 59.6 |
| Tue | 08:30 | CANADA | Core CPI Measures (Jan) | 2.6% | 2.7% |
| Wed | 02:00 | UK | CPI YoY (Jan) | 3.0% | 3.4% |
| Wed | 14:00 | US | FOMC Meeting Minutes | — | — |
| Thu | 07:00 | BRAZIL | IBC-Br Economic Activity (Dec) | — | +0.70% |
| Thu | 08:30 | US | Jobless Claims / Philly Fed (Feb) | 229K / 7.8 | 227K / 12.6 |
| Thu | 10:00 | MEXICO | Banxico Monetary Policy Minutes | — | — |
| Thu | 18:30 | JAPAN | National CPI / Core CPI YoY (Jan) | — / 2.0% | 2.1% / 2.4% |
| Fri | 08:30 | US | GDP QoQ Annualized (Q4 adv.) | +2.8% | +4.4% |
| Fri | 08:30 | US | Core PCE Price Index YoY (Dec) | 3.0% | 2.8% |
| Fri | 09:45 | US | Flash PMIs (Feb) — Mfg / Services | 52.1 / 52.8 | 52.4 / 52.7 |
| Fri | 10:00 | US | Michigan Sentiment (Feb, final) | 57.3 | 57.3 |
Week in Context
This is a week of two halves: thin liquidity early (US Presidents’ Day Monday, Chinese New Year closures through Friday, Carnival closures across LATAM) giving way to a data avalanche from Wednesday onward. Canada CPI was rescheduled from Monday to Tuesday (Feb 17) — it is the last inflation read before the March 13 BoC meeting. The FOMC Minutes on Wednesday will reveal how firmly the January hawkish hold was supported. Friday is the fulcrum: the advance Q4 GDP print (BEA’s first release) lands alongside December PCE — the Fed’s preferred inflation gauge. Chair Powell has flagged that CPI-based estimates imply core PCE rose to 3.0% YoY. If confirmed, this would represent an acceleration that closes the door on near-term cuts. For LATAM: Colombia Q4 GDP Monday, Brazil’s IBC-Br Thursday, Mexico’s Banxico minutes Thursday, and Mexico retail sales Friday provide a comprehensive regional picture. Flash PMIs Friday across the US, Eurozone, UK, and Japan give the first February activity read.
Monday — February 16
US closed (Washington’s Birthday) · Canada closed (Family Day) · China (Chinese New Year) · South Korea (Korean New Year) · Argentina, Brazil, Venezuela, Ecuador (Carnival)
| Time | Region | Event | Impact | Cons. | Prior |
| 01:30 | INDIA | WPI Inflation YoY (Jan) | MED | 1.25% | 0.83% |
| 04:00 | INDIA | Trade Balance (Jan) | MED | −26.14B | −25.04B |
| 05:00 | EU | Eurozone Industrial Production MoM (Dec) | MED | −1.5% | +0.7% |
| 05:00 | EU | Eurogroup Meetings | LOW | — | — |
| 06:25 | BRAZIL | BCB Focus Market Readout | MED | — | — |
| 08:15 | CANADA | Housing Starts (Jan) | LOW | 266.0K | 282.4K |
| 08:25 | US | FOMC Member Bowman Speaks | MED | — | — |
| 08:30 | CANADA | Manufacturing Sales MoM (Dec) | LOW | +0.5% | −1.2% |
| 10:00 | COLOMBIA | GDP YoY / QoQ (Q4) | HIGH | 3.1% | 3.6% |
| 10:00 | PERU | GDP YoY (Dec) / Unemployment Rate (Jan) | MED | — / — | 1.53% / 5.9% |
| 12:40 | EU | Buba President Nagel Speaks | MED | — | — |
Holiday-Thinned Session: US, Canada, China, South Korea, and most of Latin America are closed. Eurozone Industrial Production (cons. −1.5% MoM, a sharp reversal from +0.7%) anchors European trading. Colombia Q4 GDP (cons. 3.1%, down from 3.6%) and Peru data round out the LATAM picture on a holiday-thinned day. Bowman speaks despite the US holiday.
Tuesday — February 17
China (Chinese New Year) · South Korea (Korean New Year) · Argentina, Brazil, Venezuela, Ecuador (Carnival)
<tr>08:30USNY Empire State Manufacturing Index (Feb)MED8.507.70
| Time | Region | Event | Impact | Cons. | Prior |
| 02:00 | UK | Unemployment Rate (Dec) / Claimant Count (Jan) | HIGH | 5.1% / 22.8K | 5.1% / 17.9K |
| 02:00 | UK | Average Earnings Index +Bonus (Dec) | HIGH | 4.6% | 4.7% |
| 02:00 | EU | German CPI YoY (Jan, final) / HICP YoY (Jan) | MED | 2.1% / 2.1% | 2.1% / 2.1% |
| 05:00 | EU | German ZEW Economic Sentiment (Feb) | HIGH | 65.2 | 59.6 |
| 05:00 | EU | EZ ZEW Economic Sentiment (Feb) | MED | 45.2 | 40.8 |
| 04:30 | S. AFRICA | Unemployment Rate (Q4) | MED | — | 31.90% |
| 08:30 | CANADA | CPI YoY (Jan) / CPI MoM (Jan) | HIGH | — / +0.1% | 2.4% / −0.2% |
| 08:30 | CANADA | Core CPI YoY (Jan) / Trimmed CPI (Jan) / Median CPI (Jan) | HIGH | — / 2.6% / 2.5% | 2.8% / 2.7% / 2.5% |
| 10:00 | US | NAHB Housing Market Index (Feb) | MED | 38 | 37 |
| 10:00 | COLOMBIA | Trade Balance (Dec) | MED | — | −1.550B |
| 12:45 | US | Fed Vice Chair Barr Speaks | MED | — | — |
| 14:30 | US | FOMC Member Daly Speaks | MED | — | — |
Multi-Front Tuesday: UK employment data leads off — watch the unemployment rate and wage growth, which the BoE dovish faction has cited as justification for further easing. German ZEW sentiment (cons. 65.2, up from 59.6) tests post-election optimism. Canada’s core CPI measures (Trimmed, Median, Common) are the real focus at 08:30 — the BoC watches these closely for its March 13 decision. Colombia trade data adds LATAM context. Fed Vice Chair Barr and FOMC Member Daly speak in the afternoon, rounding out the central bank commentary.
Wednesday — February 18
China (Chinese New Year) · South Korea (Korean New Year) · Brazil (Ash Wednesday) · Jamaica (Ash Wednesday)
| Time | Region | Event | Impact | Cons. | Prior |
| 02:00 | UK | CPI YoY (Jan) / Core CPI YoY (Jan) | HIGH | 3.0% / 3.1% | 3.4% / 3.2% |
| 02:00 | UK | PPI Output MoM (Jan) / PPI Input MoM (Jan) | MED | 0.2% / 0.4% | 0.0% / −0.2% |
| 02:45 | EU | French CPI YoY (Jan, final) | MED | 0.3% | 0.8% |
| 03:00 | S. AFRICA | CPI YoY (Jan) / Core CPI YoY (Jan) | MED | — / — | 3.6% / 3.3% |
| 08:00 | US | Durable Goods Orders MoM (Dec) / Core (Dec) | MED | −1.8% / +0.3% | +5.3% / +0.4% |
| 08:30 | US | Housing Starts (Dec) / Building Permits (Dec) | MED | 1.330M / 1.420M | 1.246M / 1.411M |
| 09:15 | US | Industrial Production MoM (Jan) / Capacity Util. (Jan) | MED | +0.4% / 76.4% | +0.4% / 76.3% |
| 10:27 | ARGENTINA | Budget Balance (Jan) | MED | — | −2,876M |
| 12:00 | EU | ECB’s Schnabel Speaks | MED | — | — |
| 13:00 | US | 20-Year Bond Auction / Bowman Speaks | MED | — | 4.846% |
| 14:00 | US | FOMC Meeting Minutes | HIGH | — | — |
UK CPI + FOMC Minutes — The Twin Pillars: UK CPI consensus at 3.0% YoY (down from 3.4%) would be welcome relief for BoE doves — if it drops below 3%, March rate cut odds could surge. Core CPI at 3.1% (from 3.2%) shows slow progress. South African CPI adds EM inflation context. US durable goods, housing starts, and industrial production provide a real-economy backdrop before the main event: the FOMC Minutes at 14:00 ET. The January meeting’s hawkish hold was clear, but the minutes will reveal whether any willingness to cut exists if the labor market softens. Argentina’s January budget balance provides a fiscal check on Milei’s austerity program.
Thursday — February 19
China (Chinese New Year)
| Time | Region | Event | Impact | Cons. | Prior |
| 04:00 | EU | EZ Current Account (Dec) / ECB Economic Bulletin | MED | 9.2B / — | 8.6B / — |
| 07:00 | BRAZIL | IBC-Br Economic Activity Index (Dec) | HIGH | — | +0.70% |
| 08:20 | US | FOMC Member Bostic Speaks | MED | — | — |
| 08:30 | US | Initial Jobless Claims / Continuing Claims | HIGH | 229K / — | 227K / 1,862K |
| 08:30 | US | Philly Fed Manufacturing Index (Feb) | HIGH | 7.8 | 12.6 |
| 08:30 | US | Trade Balance (Dec) / Goods Trade Balance | MED | — / −85.20B | −56.80B / −84.72B |
| 09:00 | US | FOMC Member Kashkari Speaks | MED | — | — |
| 10:00 | US | Pending Home Sales MoM (Jan) | MED | +2.4% | −9.3% |
| 10:00 | EU | Consumer Confidence (Feb, prelim) | MED | −12.0 | −12.4 |
| 10:00 | MEXICO | Monetary Policy Meeting Minutes | HIGH | — | — |
| 10:30 | US | Fed Goolsbee Speaks | MED | — | — |
| 14:00 | ARGENTINA | Trade Balance (Jan) | MED | — | — |
| 18:30 | JAPAN | National CPI YoY (Jan) / Core CPI YoY (Jan) | HIGH | — / 2.0% | 2.1% / 2.4% |
| 19:00 | EU | ECB President Lagarde Speaks | MED | — | — |
| 20:00 | CHINA | PBoC Loan Prime Rate (Feb) | HIGH | — | 3.50% |
US Labor + Global Overnight Bonanza: Jobless claims and Philly Fed provide the first post-NFP reads on US labor market health — the Philly Fed’s prices-paid component (prior 46.90) is a leading inflation indicator. Bostic, Kashkari, and Goolsbee all speak, making this the heaviest Fed speaker day. Mexico’s Banxico minutes at 10:00 are crucial for LATAM rates traders after the recent easing cycle. Argentina trade data continues the Milei fiscal monitoring. Brazil’s IBC-Br economic activity index at 07:00 is the BCB’s preferred GDP proxy. Overnight: Japan CPI (core cons. 2.0%, down from 2.4%) is critical for BoJ rate expectations. The PBoC Loan Prime Rate decision rounds out the Asian session.
Friday — February 20
China (Chinese New Year)
| Time | Region | Event | Impact | Cons. | Prior |
| 02:00 | UK | Retail Sales MoM (Jan) | MED | +0.2% | +0.4% |
| 02:00 | EU | German PPI YoY (Jan) | MED | −2.2% | −2.5% |
| 03:15 | EU | French Flash Mfg PMI (Feb) / Services PMI (Feb) | MED | 51.0 / 49.1 | 51.2 / 48.4 |
| 03:30 | EU | German Flash Mfg PMI (Feb) / Services PMI (Feb) | HIGH | 49.6 / 49.1 | 49.1 / 52.4 |
| 04:00 | EU | EZ Flash Mfg PMI (Feb) / Services PMI (Feb) | HIGH | 50.0 / 51.9 | 49.5 / 51.6 |
| 04:30 | UK | Flash Mfg PMI (Feb) / Services PMI (Feb) | HIGH | 51.5 / 53.4 | 51.8 / 54.0 |
| 06:30 | INDIA | RBI MPC Meeting Minutes | MED | — | — |
| 07:00 | MEXICO | Retail Sales YoY (Dec) / MoM (Dec) | MED | — / — | 4.4% / 1.0% |
| 08:30 | US | GDP QoQ Annualized (Q4 advance) | HIGH | +2.8% | +4.4% |
| 08:30 | US | Core PCE Price Index YoY (Dec) / MoM (Dec) | HIGH | 3.0% / +0.3% | 2.8% / +0.2% |
| 08:30 | US | PCE Price Index YoY (Dec) / MoM (Dec) | MED | 2.9% / +0.4% | 2.8% / +0.2% |
| 08:30 | US | Personal Income MoM (Dec) / Personal Spending (Dec) | MED | +0.3% / +0.4% | +0.3% / +0.5% |
| 08:30 | CANADA | Retail Sales MoM (Dec) / Core Retail Sales (Dec) | MED | −0.4% / +0.1% | +1.3% / +1.7% |
| 09:45 | US | Flash Mfg PMI (Feb) / Services PMI (Feb) | HIGH | 52.1 / 52.8 | 52.4 / 52.7 |
| 09:45 | US | FOMC Member Bostic Speaks | MED | — | — |
| 10:00 | US | Michigan Consumer Sentiment (Feb, final) | MED | 57.3 | 57.3 |
| 10:00 | US | New Home Sales (Dec) | MED | 735K | 737K |
| 12:30 | BRAZIL | Foreign Exchange Flows | MED | — | −0.294B |
| 13:15 | US | Fed Logan Speaks | MED | — | — |
The Week’s Climax — GDP + PCE Double Header: Friday is the most data-dense session of the week. European flash PMIs roll from 03:15 ET — German manufacturing (cons. 49.6, from 49.1) tests whether recovery is gaining traction, but German services slipping to 49.1 (from 52.4) would be a warning. UK PMIs at 04:30 show manufacturing at 51.5 and services at 53.4. Mexico retail sales at 07:00 provide consumption data for LATAM’s largest economy. The US 08:30 ET window is the fulcrum: Q4 GDP advance estimate (cons. +2.8% annualized, sharply down from +4.4%) and December core PCE (cons. 3.0% YoY, up from 2.8%) define the Fed’s rate path. If GDP disappoints AND PCE runs hot, that’s the stagflationary combination that closes the door on 2026 cuts. Canadian retail sales add to the BoC picture. US flash PMIs at 09:45 provide the first February activity read. Brazil FX flows at 12:30 round out the LATAM data week.
Bottom Line
This is a week of two halves with repricing risk concentrated in the back end. Monday is a skeleton session with most major markets closed — Canada CPI and Colombia Q4 GDP are the exceptions worth watching. Tuesday’s UK employment data and Canada CPI wake things up. Wednesday’s FOMC Minutes and UK CPI set the table. Thursday delivers Brazil IBC-Br, Mexico’s Banxico minutes, and a loaded US data slate plus Japan CPI overnight. But Friday is the main event — the GDP + PCE double-header at 08:30 ET carries the highest single-session vol potential of the week. For rates traders: weak GDP + hot PCE = the stagflationary outcome that kills remaining cut expectations. Strong GDP + cool PCE = the soft-landing narrative stays intact and risk rallies. Flash PMIs across all major economies provide the first February activity snapshot. Mexico retail sales and Brazil FX flows round out the LATAM data week. Position for Friday morning repricing, and respect the thin liquidity early in the week.
© 2026 RT Staff Reporters | The Rio Times Weekly Economic Calendar
Related coverage: Brazil’s Morning Call | São Paulo Weekly Outlook February 16–20, 2026
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