Key U.S. Events In The Coming Week
By Tyler Durden
Key economic releases for the coming week include the ISM non-manufacturing report on Wednesday. There are several scheduled speeches from Fed officials this week. Fed Chair Yellen will take part in a discussion with former Fed Chairs on Thursday.
Monday, April 4
10:00 AM Factory orders, February (GS -2.1%, consensus -1.8%, last +1.6%)
- Factory orders likely declined in February following a 1.6% gain in January. Falling factory orders would reflect the weaker-than-expected durable goods report for February.
09:30 AM Boston Fed President Rosengren (FOMC voter) speaks
- Federal Reserve Bank of Boston President Eric Rosengren will speak about economic and cybersecurity risks at the Boston Fed’s cybersecurity conference. In February, Rosengren noted that “if inflation is slower to return to target, monetary policy normalization should be unhurried. A more gradual approach is an appropriate response to headwinds from abroad that slow exports, and financial volatility that raises the cost of funds to many firms.”
07:00 PM Minneapolis Fed President Kashkari (FOMC non-voter) speaks
- Federal Reserve Bank of Minneapolis President Neel Kashkari will hold a town hall meeting on ‘too big to fail’. There will be Q&A beforehand at 5:15 PM. The newly appointed President Kashkari has said little in public regarding his views on monetary policy.
Tuesday, April 5
01:00 AM Chicago Fed President Evans (FOMC non-voter) speaks
- Federal Reserve Bank of Chicago President Charles Evans speaks on the economy and monetary policy at the Credit Suisse Asian Investment Conference in Hong Kong. Audience and media Q&A is expected. Last week, President Evans discussed the “asymmetric” risks facing the US economy, noting that “we should buy some insurance against unexpected weakness by accepting a somewhat higher likelihood of stronger outcomes. Translated into monetary policy, this means being more accommodative than usual to provide an extra boost to aggregate demand as a buffer against possible future downside shocks that might otherwise drive us back to the effective lower bound.”
08:30 AM Trade balance, February (GS -$46.0bn, consensus -$46.2bn, last -$45.7bn)
- The new advanced goods trade report showed a slightly wider goods deficit in February (-$62.9bn from -$62.4bn), reflecting a widening trade balance across foods & beverages, capital goods, and consumer goods. We expect the services balance to be little changed in February. Overall, we expect the total trade deficit to be -$46.0bn.
10:00 AM ISM non-manufacturing, March (GS 54.6, consensus 54.1, last 53.4)
- Service sector surveys improved in March. The Philly Fed (+10.3pt to +13.9), Richmond Fed (+11pt to +9), and New York Fed (+23.7pt to +12.6) indices all rose (the New York survey is a relatively new and not seasonally adjusted series). The Markit Services PMI also rose (+1.3pt to 51.0), escaping contractionary levels. The ISM non-manufacturing index fell by 0.1pt last month.
Wednesday, April 6
12:20 PM Cleveland Fed President Mester (FOMC voter) speaks
- Federal Reserve Bank of Cleveland President Loretta Mester speaks on the U.S. economic outlook and monetary policy at an …read more
Source: Key U.S. Events In The Coming Week
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