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Today's Economic Data Docket - Savings Rate, PCE, Pending Home Sales, Dallas Fed, And Many Fed Speeches

Tyler Durden's picture




 

Today's economic docket includes Personal Income and Spending (which is expected to show a jump in inflation) and the Savings Rate, core PCE, Pending Sales, the Dallas Fed, and a whole lot of dovish Fed speeches. These will be analyzed under a fine toothed comb to see if any of the more dovish members are starting to become as hawkish as their brethren from last week. In the meantime, Frost-Sack will monetize another $5.5-7.5 billion in 5 year debt.

8:30: Personal income and outlays (February): Healthy growth. Strong gains in February retail sales and robust demand for motor vehicles point to a likely rise in consumer spending. We forecast an increase of 0.7% mom in nominal terms. However, the report is also likely to show evidence of firm consumer price inflation. Based on available price data from other reports, we estimate that the Personal Consumption Expenditures (PCE) price index rose by 0.4% mom. The core PCE price index likely rose by 0.20% mom, lifting the year-over-year rate to 0.9%.
Income: median forecast (of 57): +0.4%; last +1.0%.
Spending: median forecast (of 63): +0.5%; last +0.2%.
Core PCE price index: median forecast (of 40): +0.2%; last +0.12%.

 
10:00: Pending home sales (February):
Possible stabilization. The pending home sales index – which tracks signed home sales contracts, and leads the official count of existing home sales by 1-2 months – cooled in December and January. In our view, the weakness likely resulted from inclement winter weather and some payback from strong growth earlier in Q4. Mortgage purchase applications have steadied (albeit at a low level), and we therefore agree with the consensus forecast that the pending home sales index has likely stabilized as well.
Median forecast (of 29): unchanged; last -2.8%.
 
10:30: Dallas Fed manufacturing index (March): High level. Like its counterparts in other regions, the Dallas Fed’s index of manufacturing activity should remain elevated this month.
Median forecast (of 6): +17.6; last +17.5.

11:00: POMO closes: Fed monetizes $5.5- $7.5 billion in 03/31/2015 – 08/31/2016 debt.
 
12:40: Atlanta Fed President Dennis Lockhart on the US economic outlook. Mr. Lockhart is not currently a voting member of the FOMC.
 
15:40: Chicago Fed President Charles Evans speaks to reporters before a speech on the economy scheduled for 16:00. Mr. Evans is a voting member of the FOMC this year.
 
18:00: Boston Fed President Eric Rosengren
on panel discussion about “Recession and Recovery: A Forum on Smart Policies for Sustainable Growth”. Mr. Rosengren is not currently a voting member of the FOMC.
 
From Goldman Sachs and Zero Hedge

 

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Mon, 03/28/2011 - 07:38 | 1108012 becky quick and...
becky quick and her beautiful mouth's picture

stay motherfucker.

Mon, 03/28/2011 - 07:42 | 1108018 Dan The Man
Dan The Man's picture

7.5 billion in debt has now become an footnote...eeesh.

Mon, 03/28/2011 - 07:47 | 1108023 Careless Whisper
Careless Whisper's picture

From Goldman Sachs and Zero Hedge

that's what i call teamwork.

maybe the two of you can get together and provide us with a daily witness list for the rajaratnam insider trading case.

Mon, 03/28/2011 - 07:54 | 1108056 unwashedmass
unwashedmass's picture

 

and how could we forget that today is options expiration day at the Comex.....so that we will once again witness the sad spectacle of our "regulators" sit with their thumbs up their butts as JPM sells truckloads of paper into the market to crater gold and silver.....

knowing all the while that there is no way in hell that they have the metal or now, even a fraction of it, to cover these contracts.

what a complete and utter joke our markets have become.

excuse me, JPM, but...I'm going to decline to sell my metals to you today.  I'm going to wait for a real market to spring up ...one that is attached to the realities of supply and demand for the actual metals.......

you know, like we used to have in the US. back in the day.

Mon, 03/28/2011 - 08:06 | 1108084 Sudden Debt
Sudden Debt's picture

JPM is creating the wealth effect. By suppressing the silver price, more and more people get the chance to load up.

Bummer that it's getting pretty hard to find stores with a large inventory.

 

Mon, 03/28/2011 - 08:12 | 1108098 unwashedmass
unwashedmass's picture

my local guy is sold out of both gold and silver, except for those "collectible" coins, you know, the weird painted things........

never, ever seen anything like this.......nothing available. i was planning a big trip to coin shop today and .....now, the shelves are bare....so as far as suppressing the price, it is now -- if empty shelves are the result of gold 1425 and silver 37, ......

we have a "market" that has moved into the twilight zone.

I don't know why we don't mount a massive petition campaign to shut down the CTFC and indict the entire gang of THEM, because at this point we have regulator who is essentially openly colluding in the market manipulation and fraud.

 

 

Mon, 03/28/2011 - 08:42 | 1108164 jkruffin
jkruffin's picture

Santelli just ripped the idiots on CNBC..

Where did they dig the idiot up that says dollar rally means higher stocks?

Santelli said you can't have it both ways moron.

This whole market is a joke, just like Santelli said.

Mon, 03/28/2011 - 08:53 | 1108205 unwashedmass
unwashedmass's picture

actually, yes you can have it both ways as the Fed just pops out another couple billion to jack the market higher.

at some point, god knows when, Bennie Boy is going to figure out that the market is not the economy.....

probably gonna take the villagers arriving at the gates with pitchforks in hand.......

let's face it, they own the media.....

 

 

Mon, 03/28/2011 - 08:56 | 1108219 HedgeFundLIVE
HedgeFundLIVE's picture

 

expectations for today's market based on odds- down small: http://www.hedgefundlive.com/blog/sp-e-minis-failed-at-r4-implications-for-mondays-market-action

 

Mon, 03/28/2011 - 12:27 | 1109039 Dan The Man
Dan The Man's picture

actually, yes you can have it both ways

 

Both ways, only if the valuations are just in US Dollars.  It won't rise relative to gold or the loonie, or the yuan, or the ruble....it will only go down in the long term.

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