Today's Events: Consumer Confidence in Manipulated Markets, New Home Sales, Fed Speeches
Bunch of irrelevant and reflexive (stock market is up so confidence - in what? manipulated markets? - is higher, so stock market is up so confidence is higher etc) stuff today, as the world central banks prepare to pump another $600-$1000 billion into the consolidated balance sheet and send input costs into the stratosphere. Somehow this is bullish for stocks. Luckily, it will finally break the EURUSD - ES linkage.
9:55: Reuters/University of Michigan consumer sentiment (February final): Partial rebound. In the preliminary February report, the University of Michigan measure of consumer sentiment unexpectedly declined to 72.5 from 75.0 previously. Other measures of consumer confidence, such as the Rasmussen index, have improved, and we therefore expect a partial recovery in the final February reading for the sentiment index.
Consensus: 73.0; Last: 72.5 (Feb prelim).
10:00: New home sales (January): Also improving. We forecast that new home sales increased by 1.0% (month-over-month) in January, following a 2.2% decline in December. Given the sharp improvement in the index of homebuilder sentiment, there may be upside risks to our forecast.
GS: +1.0%; Consensus: +2.6%; Last -2.2%. MAP: 2
10:45: San Francisco Fed President John Williams at 2012 US Monetary Policy Forum (USMPF). Mr. Williams will be a discussant on a panel on housing, monetary and the recovery.
11:35: St. Louis Fed President James Bullard at USMPF. Mr. Bullard will also be a discussant on a panel on housing, monetary policy and the recovery.
13:30: Philadelphia Fed President Charles Plosser at USMPF on fiscal policy panel. Q&A scheduled.
13.30: New York Fed President William Dudley at USMPF on fiscal policy panel. Q&A scheduled.