Dennis Lockhart

The Week's Key Economic And Financial Events

In this holiday-shortened week, attention will be on the US FOMC minutes, housing data and consumer confidence. There will be GDP, PMI and inflation releases across the Euro Area as well as the latest Greek Eurogroup meeting. Look for GDP and public finances data in the UK.

Fed's Harker Blames 'Prime-Aged' American Male Joblessness On Drug Abuse

For 60 years the labor force participation rate of 25-54 year old men in America has declined. There are many reasons for this existential decline, but Philly Federal Reserve President Pat Harker explained today during a Q&A session that he is concerned that more 25-54 year old men are out of the workforce and blamed "drug abuse" for the problem. Of course, this is not the first time Fed officials have claimed 'drug abuse' as an excuse for the failure of their policies. 

Key Events In The Coming Humphrey-Hawkish Week

The key economic releases this week are CPI, retail sales, and industrial production on Wednesday. In addition, there are several scheduled speaking engagements from Fed officials this week, including Chair Yellen’s semi-annual Monetary Policy Report to Congress on Tuesday and Wednesday (Humphrey-Hawkins).

Richmond Fed's "Uber-Hawkish" President Jeffrey Lacker To Retire

Just three months after Atlanta Fed president Dennis Lockhart announced he would step down as president, on Tuesday another FOMC member, the uber-hawkish president of the Richmond Fed, Jeffrey Lacker, 61, also decided to call it quits as well, and on Tuesday said he will retire as president and chief executive officer of the Federal Reserve Bank of Richmond on Oct. 1, after 28 years at the Richmond Bank.

Key Events In The Coming Week: All Eyes On Trump

The main economic release this week is US retail sales, ECB minutes and a series of Chinese economic releases. There are several scheduled speaking engagements from Fed officials this week, including a webcast address by Chair Yellen on Thursday. However, the highlight of the upcoming first full week of 2017 might well be President-elect Trump's first news conference on Wednesday since his election win.

2016 Year In Review

We started this year with the economy deteriorating and finished it with the second interest rate increase in ten years. There were a lot of ups and downs along the way, but ultimately 2016 was defined by three key story-lines:  1) Brexit 2) The Presidential Election 3) Fed Policy. The first two events were votes that shocked the world. The stock market’s reaction to each was arguably even more shocking. 

Key Events In The Coming Busy Week

The key economic releases this week include the personal income and spending report on Monday, ISM manufacturing on Tuesday, ISM non-manufacturing on Wednesday, and the employment report on Friday. The November FOMC statement will be released on Wednesday at 2PM.

Key Events In The Coming Extremely Busy Week

The week ahead is striking in the sheer number of central bank speakers, but with the Fed on hold until December and the BoJ’s new framework now revealed, focus turns squarely from central banks to US politics. The first US presidential debate at the start of the week will be a key focus.

Key Events In The Coming Central Bank-Dominated Week

Central banks will take center stage this week, with the Boj and Fed within hours of each other, then also the RBNZ and Norges all delivering policy decisions. Of the four however, the BoJ will likely steal the spotlight, especially as we expect no changes in policy from the other three.

Atlanta Fed President Lockhart Announces He Is Stepping Down

And so another Fed president has decided to call it a day, when moments ago, Dennis Lockhart, president of the Atlanta Fed, announced he would step down on February 28, 2017. We are confident the line of (soon to be former) Goldman employees submitting their resumes to fill his slot is already around the block.

Goldman Slashes September Rate-Hike Odds As Hilsenrath Warns Of Divided Fed

Goldman Sachs' estimate of September rate-hike odds continue to collapse faster than Hillary Clinton as the absence of a clear signal from a series of speeches by Fed officials (concluding with Lael Brainard's headfake). Goldman have reduced their subjective odds for a hike next week to 25% from 40% previously (still above market expectations of 13%) but remains hopeful for December. However, as Fed-whisperer WSJ's Jon Hilsenrath warns, Yellen faces record levels of dissent as she "confronts a divided group of policy-makers."