News and the economic calendar

Some market-moving events happen at times you can know in advance. Government agencies and the Federal Reserve publish their release dates and times ahead of time. A trader who does not check the calendar can be surprised by an event that was announced weeks earlier. This lesson covers the three reports beginners hear about most, where to find their schedules, and what tends to happen to orders when markets move fast.

Reminder: all times in this course are CT. Release times below come from sources that use ET, so we convert: CT = ET minus 1 hour.

The Consumer Price Index (CPI)

The Consumer Price Index is published by the Bureau of Labor Statistics (BLS). BLS describes it as a measure of the average change over time in the prices that urban consumers pay for a basket of goods and services. In plain words: it is the headline measure of inflation.

• Released: monthly, at 8:30 a.m. ET (7:30 a.m. CT). The BLS schedule lists 8:30 a.m. for every month, and each release states it is embargoed until 8:30 a.m. (ET).
• Where to check dates: the BLS CPI release schedule (in the sources list).

The jobs report (Employment Situation)

The monthly jobs report’s official name is The Employment Situation, also from BLS. It includes nonfarm payroll employment (how many jobs were added or lost) and the unemployment rate, among other figures. You will hear it called “the jobs report,” and CME Group’s research abbreviates nonfarm payrolls as “NFP.”

• Released: monthly, at 8:30 a.m. ET (7:30 a.m. CT), per the BLS schedule and the release’s own embargo line.
• Where to check dates: the BLS Employment Situation schedule. Do not assume a fixed weekday; the schedule shows the actual date each month.

Both reports land an hour before the RTH open, while ES and NQ are trading on Globex (Lesson 12).

The FOMC

The Federal Open Market Committee (FOMC) is the Federal Reserve group that sets U.S. interest rate policy. According to the Fed’s calendar page, the FOMC holds eight regularly scheduled meetings a year, plus others if needed.

• The statement: released when a meeting ends. The September 16, 2026 statement was marked “for release at 2:00 p.m. EDT,” which is 1:00 p.m. CT, in the middle of RTH.
• Press conference: the Fed’s calendar links a press conference for each scheduled meeting.
• Minutes: a detailed record, released three weeks after the decision.
• Where to check dates: the Fed’s FOMC meeting calendar.

Using an economic calendar

Checking each agency separately works, but a combined economic calendar is easier. CME Group publishes one with times already shown in CT. For each event it lists the actual result, the previous result, and the consensus forecast.

A simple habit: check the calendar every morning before you trade, and write down any release times for the day in CT.

Why releases can move markets

CME Group’s economic research explains the mechanism. When a report comes out, traders immediately compare the actual number with the consensus forecast. The difference is called the surprise, and a surprise can set off volatility as traders adjust their views and positions.

CME’s study found that equity index futures trading volume rises in the minutes after 8:30 a.m. ET releases when the data surprises forecasts. For equity futures, inflation reports such as CPI, along with jobs data, were among the reports that mattered most.

Note what this does not tell you: the research measures how much trading happens after a surprise, not which direction price moves. Predicting direction is not something this course teaches.

What fast markets do to orders

Two things matter for you as a trader, even on a simulator:

1. The order book can get thin. CME Group notes that a drop in displayed order book depth is an expected response to higher risk during volatile periods. Fewer contracts resting at each price means the market can travel further on less trading.
2. Fills can land far from the price you saw. The SEC’s investor bulletin on order types explains that a market order’s fill price can differ from the last-traded price depending on the liquidity available, and that a stop order becomes a market order once triggered, so its fill can differ significantly from the stop price. You learned these order types in Order Filler.

The bid-ask spread (Order Filler Lesson 1) is the gap between the best bid and best ask. A useful exercise: on a simulator, watch the bid, the ask, and the depth of the order book in the seconds around a 7:30 a.m. CT release, and compare them with a quiet moment later in the morning. Write down what you see.

One option is simply to be flat (no position) during major releases. Whether you do is your decision. The Local level covers news risk and risk planning in detail.

Key ideas

• CPI (inflation) and the Employment Situation (jobs) come from BLS at 8:30 a.m. ET, 7:30 a.m. CT.
• The FOMC meets eight scheduled times a year; the September 16, 2026 statement came out at 2:00 p.m. ET, 1:00 p.m. CT.
• Use an economic calendar every morning; CME’s shows times in CT.
• Markets react to the surprise versus the forecast; CME research shows volume rises after surprises.
• In fast markets the order book can thin out, and market and stop orders can fill far from the expected price.