Today's Economic Data Highlights: Final GDP, Fed Speeches, Consumer Sentiment
7:30: Dallas Fed President Richard Fisher on the US economy (in Brussels). Q&A scheduled. Mr. Fisher is a voting member of the FOMC this year.
8:30: GDP for Q4 (3rd estimate): Slightly higher. We expect the Commerce Department to revise up its estimate of Q4 GDP growth to 2.9% qoq annualized from 2.8% previously on slightly stronger inventory growth.
Median forecast (of 81): +3.0%; last (Q4 2nd estimate): +2.8%.
8:30: Chicago Fed President Charles Evans speaks to reporters. Mr. Evans is a voting member of the FOMC this year.
9:15: Atlanta Fed President Dennis Lockhart speaks on the US economic outlook. Q&A scheduled. Mr. Lockhart is not currently a voting member of the FOMC.
10:00 (9:55 to subscribers): Reuters/University of Michigan consumer sentiment (March final): The Michigan consumer sentiment survey takes on added importance today because of the discouraging results reported for the preliminary March release. In that report, the index of consumer sentiment declined to 68.2 from 77.5 previously, erasing four months of gains. In addition, the survey’s measure of longer-run inflation expectations – an indicator watched closely by the Fed – rose to 3.2% from 2.9%. A further rise in inflation expectations could potentially threaten our core inflation calls.
Median forecast (of 67): 68.0; last (March prelim): 68.2.
11:00: Fed monetized $4-5 billion of bonds due 09/30/2012 – 09/15/2013
12:15: Philadelphia Fed President Charles Plosser on “Beyond the Short-run: A Framework for Long-run Monetary Policy”. Q&A scheduled. Mr. Plosser is a voting member of the FOMC this year.
13:00: Dallas Fed President Richard Fisher speaks about creating jobs and fixing the economy (in Brussels). Q&A scheduled. Mr. Fisher is a voting member of the FOMC this year.
From Goldman and Zero Hedge