Not much in the economic docket, with just Initial claims and Factory orders pending, as well as a bunch of Fed speeches throughout the day: today's its the doves' turn. Small POMO closes at 11:00 AM EST.
8:30: Jobless claims (Week of March 26): Annual revisions. This morning’s initial jobless claims report will be the last look at March labor market conditions before Friday’s Employment Report. Consensus forecasts are for claims to remain about unchanged at 380,000. Along with the normal weekly report, the Department of Labor will also publish annual revisions to historical claims figures. The revisions update seasonal adjustment factors, and therefore usually do not have dramatic effects on the overall profile of the data. In last year’s revision, the maximum change to any single week was an increase of 25,000.
Median forecast (of 41): 380,000; Last: 382,000.
9:45: Chicago purchasing managers’ index (March). Down from high levels. The striking increase in the Chicago purchasing mangers’ index looks likely to partially reverse this month, despite healthy readings for other regional manufacturing indexes. We forecast a decline to 68.0 from 71.2 in February.
Median forecast (of 54): 69.7; last 71.2.
10:00: Factory orders (February): More detail on durables. The monthly factory orders report will provide more detail on why new orders for capital goods weakened again in February (as initially reported in the advance report on durable goods). The release will also include estimates of manufacturing inventory accumulation during the month, and therefore may have an impact on expectations for Q1 GDP (as may annual revisions to wholesale inventories, also released at 10:00am).
Median forecast (of 57) +0.5%; last +3.1%.
10:30: Richmond Fed President Jeffrey Lacker speaks at a Fed symposium on “The Changing Landscape for Credit”. Mr. Lacker will also hold a press briefing at about 15:00 today. The latter is the more likely venue for comments on the outlook and policy. Mr. Lacker is not currently a voting member of the FOMC; his next turn comes in 2012.
11:00: POMO Closes: Fed Monetizes $1.5-$2.5 billion in bonds due 05/15/2021 – 11/15/2027
12:30: Federal Reserve Governor Daniel Tarullo is also scheduled to speak at the Fed credit symposium.
14:05: Cleveland Fed President Sandra Pianalto on “The Economic Outlook, Oil Prices and Monetary Policy”. Q&A scheduled. Ms. Pianalto is not a voting member of the FOMC this year.
From Goldman Sachs and Zero Hedge