ADP, the non-manufacturing ISM, and the first policy speech from the new president of the San Francisco Fed. Also a bunch of other non-dissenting yet hawkish, and extremely hypocritical Fed presidents are speaking elsewhere warning how dangerous the printer's policy is even as they vote for its with every FOMC meeting.
8:00: Boston Fed President Eric Rosengren at real estate conference.
8:15: ADP employment report (April): Modest slowing? Over the last six months, growth in the ADP measure of private employment has closely matched the official BLS count. The ADP series increased by an average monthly rate of 174k over this period, while the BLS measure increased by an average of 167k per month. Consensus expectations for ADP this morning therefore look consistent with forecasts for Friday’s Employment Report.
Median forecast (of 34): +198k; last +201k.
10:00: ISM non-manufacturing index (April): Stable. We expect that the non-manufacturing ISM index was about unchanged in April at 57.5. We will be watching the employment component closely for any evidence that job gains in service-providing industries have slowed.
GS: 57.5; median forecast (of 73): 57.5; last 57.3.
11:00: POMO Closes, today it is a micro $1-2 billion in TIPS.
15:30: San Francisco Fed President John Williams gives his first monetary policy speech as bank president. The title of the speech is “Maintaining Price Stability in a Global Economy”, and therefore may touch on commodity prices, exchange rates, and related issues. Q&A scheduled.
16:00: Dallas Fed President Richard Fisher on the economy. Q&A scheduled.
19:00: Atlanta Fed President Dennis Lockhart on the economic outlook. Q&A scheduled.