This page has been archived and commenting is disabled.
Key Events In The Coming Week: All Eye On Yellen's Testimony To Congress
With Greece moving to the, ahem, periphery if only for a few days/hours, this week the US calendar returns to the forefront with Fed Chair Yellen’s semi-annual monetary policy testimony before the Senate Banking Committee tomorrow night and the House Financial Services Committee on Wednesday, which the market will be paying very close attention to for the reconciliation of how the Fed plans to continue on its rate-hiking path despite rapidly deteriorating US macro data that has started 2015 at the worst pace (in terms of downside surprises) since Lehman.
For those who prefer visual summaries, here is the full weekly calendar from BofA:
And for the verbal types, here is Deutsche Bank with the big picture summary:
- It’s a quiet start in Europe with just the February German IFO survey due whilst the ECB’s Mersch is also due to speak. In the US however this afternoon we’ve got the Chicago Fed national activity index, along with existing home sales and the Dallas Fed manufacturing activity print for February.
- Turning to Tuesday, the only notable release in the Asia timezone is small business confidence out of Japan. It’s a busier day in Europe tomorrow however. The final Q4 GDP report is due out of Germany along with the various trade data prints for the region. As well as this we’ve got the January inflation readings due out of the Euro-area with the market expecting a -0.6% yoy headline reading and +0.6% yoy core print.
- Focus on Tuesday in the US will be on Yellen’s semi-annual testimony speech (formerly Humphrey-Hawkins). Elsewhere in the US tomorrow will also see the S&P/Case-Shiller index, consumer confidence and also the Richmond Fed manufacturing print. We start Wednesday in China with the preliminary February manufacturing PMI print whilst in Europe we’ve just got French consumer confidence due.
- In the US on Wednesday we have the conclusion of the semi-annual monetary policy meeting as well new home sales data due.
- Thursday starts with consumer confidence and unemployment data in Germany, along with money supply data for the Euro-area. Later in the morning we also get GDP data in the UK along with confidence indicators for the Euro-area. Over in the US the main focus for the market will most likely be on the inflation print for the region with the market looking for a +1.6% yoy core print. As well as this, durable goods orders, capital goods order, initial jobless claims, Kansas City Fed manufacturing index and FHFA house price index are due – so plenty to keep an eye one.
- We round out the week in Japan with housing starts data whilst in Europe preliminary February inflation data for Germany will be of focus. The ECB’s Constancio is also due to speak. In the US we close out a busy week with the Q4 GDP reading as well as pending home sales and the University of Michigan index.
And here is Goldman with a breakdown between DMs and EMs:
In DMs, highlights of next week include US UMich. Confidence, GDP, Durable Goods, PCE, Consumer Confidence and CPI, GDP in Germany, Denmark, Spain, Sweden and the UK, CPI in Eurozone and Japan, Eurozone Consumer Confidence (Flash) and Japan IP.
- [Monday] US Existing Home Sales.
- [Tuesday] US Consumer Confidence, Eurozone CPI, Germany GDP.
- [Wednesday] --.
- [Thursday] US CPI and Durable Goods, Eurozone Consumer Confidence (Flash), Spain GDP.
- [Friday] US UMich. Confidence, GDP and PCE, GDP in Denmark, Sweden and the UK, CPI in Germany, Italy, Spain and Japan, Japan IP.
In EMs, highlights of next week include MP Decisions in Israel, Hungary and Turkey, GDP in Hong Kong, Czech Republic, Poland and South Africa, Argentina Economic Activity, Argentina IP and Brazil Inflation.
- [Monday] Israel MP Decision.
- [Tuesday] MP Decisions in Hungary and Turkey, South Africa GDP.
- [Wednesday] China Manufacturing PMI, Hong Kong GDP.
- [Thursday] Argentina IP and Brazil Inflation.
- [Friday] GDP in Czech Republic and Poland, Argentina Economic Activity.
»
- 6490 reads
- Printer-friendly version
- Send to friend
- advertisements -
In her testimony this week I guarantee two things will happen;
1) She will purger herself
2) She will get away with it.
blah blah blah.......irrational exuberance.....blah blah blah.
Purger, perjury.
All the same nowadays.
Put the bitch in hand cuffs, let's take our printing press back.
Why does anybody really care? It is all public posturing to keep the sheeple calm.
Forward (over the cliff)!
Geez...now we're on Yellen watch. A couple key words out of the queen's mouth and the markets shoot up to new highs. It's all Bullshit!!!
You know the system is near the tipping point when a stray fart by Yellen is quickly analyzed as either bullish or bearish.
<"Shhh, the spirits are about to speak." - Bullwinkle the Moose>
Hmmm, the economic analysis of a Yellen fart.
Even though the reality is, its just awful and cleared the entire room out in five seconds, still, hot air rises...so BULLISH!!!
Empty room... Bullish.
Clearly.
All this saving over-valued stawk prices has made me hungry, whats for lunch?! ;-)
milk and cookies for everyone!
"There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford & Son
Don't take Bill Nye the Science Guy to see where this is headed....
Fake global warming?
What ''rate hiking path"? They haven't raised any rates, nor will they. All they've done is talk about it, and thats what they will continue to do.
Oh....you just wait little mister!
Don't move.....or the dummy gets it!
"worst pace (in terms of downside surprises) since Lehman."
What's Lehman? Was that one of those dot com tech companies that crashed because of Y2K?
Lehman?
Never heard of them.
Confusing, right? I'm just sitting here staring out of my window, hoping for some guidance. Cramer will be able to clear all of this up for us later, with a bit of luck.
Whose hands are up her ass making her mouth move?
Double talk must be her first language.
Bullish until it isn't.
Demoralize our "leaders" by decentralizing.
Why not raise interest rates now????
Honestly, what's going to change in the next couple of months???
Are we not in a "recovery"?????
Congress needs to ask serious questions and stop throwing Janet Yellen softball questions.
Yellen is a "Nobody!"
People still/do listen to Alan Greenspan though. Who incidentally, is having a Come To Jesus moment...
A liar's party. How nice.
Brought to you by the Humphrey (D) Hawkins (D) Full Employment Act.
the Act:
Waiting on Yellen to either fart, or queef.....either way it will be discerned as 'quite bullish' no doubt.
yellen gets the greenish backdrop before her spew - another 2 days of fucking around in markets
Yellen & Hildabeast - disgusting lying pigs
captain kangaroo to the rescooo
Yellen gonna lie to the liars and thieves again about how well her stealing and lying is going.
The banksters need to repay us.
"Guillotine the Fed. Audit the heads."
Yellen's testimony will be yet more theater for the masses. The Congress critters will act outraged, and she'll endure it knowing that her employers -- the banks -- own and control the Congress critters.
Abolish the banks.
Now boys, just lie back and think of England. We'll be finishing up here soon and then you can go get yourselves cleaned up.
I wonder if there is an honest 'congess-person' out there who has the cajones to ask Yellen this simple question;
With unemployment now comfortably under 6%, monthly job-growth at pre-recession levels, auto sales poised to break records, corporate profits near all time highs (not that I beleive any of this) and stock indices at all time highs, what is the need to keep interest rates at near zero, crisis levels?
They would also have to be ready to attack any effort of Yellen to defer or divert her response from the essential question and persist to demean any answer that does not adddress the 'need' for interest rates to be at crisis levels.
Of course said questioner would be 'blown-off' by someone to change the narrative, but it may produce a moment of 'clarity' for anyone with a ounce of intelligence to see 'The Emporer Has No Clothes'.
If Yellen proceeds to tell the 'truth', "We are keeping interest rates at crisis levels because our financial institutions are bankrupt, our nation is insolvent, and the 'rich' will suddenly become poor if we were to raise rates", then we can all applaud her for her honesty. I suspect such an answer could never be uttered (to protect the rest of us, of course, like Communism claims to do).
From where 'I' come, our representatives were to be a 'check' on power and not subservient to it.
Calling all so-called representatives of America: Let's see which of you have the courage to call a spade a spade. Otherwise, it just becomes more obvious that you are not part of any solutions but aiders and abettors in the destruction of America.
No. It's a serious situation.
Meanwhile the Fed's speechwrite is busy filling the minutes with HFT spike words and phrases. "easy", "improving", "low rates", "large supplies of lube","reach arounds", etc etc etc.
I wonder what this woman's first thought is each morning. Seriously. She must be shitting her pants on a daily basis.
Here is what was hidden in the last Fed press release.
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
Here is why we are between a rock and a hard place.
http://michaelekelley.com/2015/02/11/fed-inflation-target-is-abnormal/
Here is how to prepare for the worst.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Thanks
All eyes on Yellen testimony??????? What on earth for??? This is a murdering criminal organization...that has financed millions of deaths and wars all over the world..
Liesman should be hung by his balls....