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Busy Leap Day: Today's Full Schedule Of Events

Tyler Durden's picture




 

On this leap day, we have a busy schedule which includes the second Q4 GDP revision, Chicago PMI (expect another massive beat courtesy of consumers confident that they can have Apple apps, if not so much food, since they still don't pay their mortgages), various Fed speakers, of which most important will be Ben Bernanke who takes the podium in Congress at 10 am for his semi-annual monetary policy report.

Agenda:

8:30: GDP (Q4-Second): Small revision. GS forecasts a small downward revision to the initial estimate of Q4 GDP. Most of the revision reflects lower inventories: inventory building will be revised to about $45bn from $56bn previously. This should be partly offset by an upward revision to residential and business fixed investment. Growth in final sales--GDP excluding inventories--will be revised up to +0.9% (annualized) from +0.8% previously.
GDP: GS: +2.7%; Consensus: +2.8%; Last (Q4-Advance) +2.8%.

9:45: Chicago Purchasing Managers’ Index (February). Small drop. Despite improvements in all the major regional manufacturing surveys for February, GS forecasts a small decline in the Chicago Purchasing Managers Index. This measure still appears elevated compared to the other indicators, and should gradually converge down to their levels.
GS: 59.0; Consensus: 61.0; Last: 60.2. MAP: 4

10:00: Federal Reserve Chairman Ben Bernanke delivers semi-annual Monetary Policy Report to Congress (the Humphrey-Hawkins testimony) to the House Financial Services Committee. His testimony is likely to recognize improvement in recent data, but also to emphasize that the recovery remains too slow. We expect that the Chairman will leave the door open to further easing, but he is unlikely to offer a definitive statement about QE. The testimony could include a focus on the housing market and possible policy steps to support it, as well as a discussion of recent changes to the Fed's public communication.

10:25: Dallas Fed President Richard Fisher on fiscal policy, in Mexico City. Q&A expected.

13:00: Philadelphia Fed President Charles Plosser on the economy. Q&A expected.

14:00: Federal Reserve’s Beige Book. The Beige Book—an anecdotal summary of economic conditions compiled by the regional Federal Reserve banks—is likely to acknowledge the improvement in recent data compared to the previous report. The last Beige Book (which covered the period from late November through the end of December) said that "national economic activity expanded at a modest to moderate pace". Today's report could mention an acceleration in activity in some regions, particularly in labor market conditions.

Source: Goldman Sachs

 

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Wed, 02/29/2012 - 09:12 | 2207424 nudlee
nudlee's picture

oh the goldbug will talk again... time to go long on XAU?

Wed, 02/29/2012 - 09:13 | 2207430 firstdivision
firstdivision's picture

Last time we had a leap day, things got pretty busy the following month.  Will this time be different?

Wed, 02/29/2012 - 09:36 | 2207491 dvsteenk
dvsteenk's picture

Is Ron Paul finally gonna be able to ask some relevant questions to Bernanke?

Wed, 02/29/2012 - 10:31 | 2207640 bdc63
bdc63's picture

I certainly hope Ron is on his game for this inquisition .... but isn't it the Senate today and the House tomorrow?

Wed, 02/29/2012 - 09:37 | 2207495 Zgangsta
Zgangsta's picture

GDP 3% bitchez.

Wed, 02/29/2012 - 10:11 | 2207589 Comay Mierda
Comay Mierda's picture

10:25: Dallas Fed President Richard Fisher on fiscal policy, in Mexico City

in Mexico?  I guess no one in the USA takes fed guys seriously anymore

Wed, 02/29/2012 - 10:29 | 2207638 Dermasolarapate...
Dermasolarapaterraphatrima's picture

Mexico...b/c that's where all the Americans are moving to....

Wed, 02/29/2012 - 10:33 | 2207649 bdc63
bdc63's picture

1). Belize

2). Costa Rica

3). Argentina

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