Today's docket: Initial claims, March PPI and the fed Fed speaker obfuscation brigade is back. As usual the Treasury issues debt and the Fed monetizes it.
8:30: Jobless claims (Week of April 9): Likely lower. Hiring activity should continue to improve, gradually reducing new benefit claimants.
Median forecast (of 49): 380,000; last: 382,000.
8:30: Producer Price Index (March): Further gains. Rising prices of both gasoline and food point to another increase in the headline PPI. The core index also looks likely to move higher. Yesterday’s Beige Book noted that manufacturers were having an easier time passing through input cost increases into the prices of finished goods.
On headline, median forecast (of 76): +1.0%; last +1.6%.
On core, median forecast (of 71): +0.2%, last +0.2%.
9:00: Federal Reserve Governor Elizabeth Duke on “Credit Conditions for Small Businesses”. Q&A scheduled.
9:20: Minneapolis Fed President Narayana Kocherlakota on economic development. Q&A scheduled. Mr. Kocherlakota is a voting member of the FOMC this year.
11:00: $6-8 billion POMO closes, Fed monetized debt due 05/15/2018-02/15/2021
12:30: Philadelphia Fed President Charles Plosser on “State of the US and World Economies”. Mr. Plosser is a voting member of the FOMC this year.
13:00: Treasury Sells $13 Billion 30 Year Debt (29-Year 10-Month 4-3/4% Bond Reopening)
13:15: Federal Reserve Governor Daniel Tarullo on “High-wire Act: Balancing Growth and Inflation”. Q&A scheduled.
18:45: Richmond Fed President Jeffrey Lacker speaks at University of Baltimore.