Today's Economic Data Docket - Quiet Day Followed By Bernanke Speech

Another quiet day in the economic activity docket, with the bulk of the action occurring in the afternoon. Today's key event is Der Bernank's address at the International Monetary Conference titled "The US Economic Outlook"

10:00 - May data on job openings and labor turnover (JOLTS) released

11:00 - Small POMO today focusing on TIPS in the 04/15/2013 - 02/15/2041 maturity range

11:30 - Treasury will auction a $28.0 billion 4-week billswhich will basically roll over the maturing issue

13:00 - Treasury will auction a $32 Billion 3 Year Bond, as another $32 billion in G-fund IOUs are "disinvested" to keep the total "under" the ceiling

15:00 - April consumer credit data. Consensus expects +$5bn after +$6bn in March.  Consumer credit growth has been steadily positive since last fall, mostly due to the US government pumping subprime loans for GM car purchases and student funding needs.

15:45 - Ben Bernanke will address the International Monetary Conference in Atlanta, GA. His topic will be "The US Economic Outlook." The Chairsatan may take this opportunity to set market expectations for monetary policy in advance of the June 21-22 FOMC meeting. He will have to balance a number of concerns, including that for a slower labor market outlook, hints that sharp rise in commodities has eased but not retreated, and the impacts of the fiscal battles in Congress over spending and the debt limit. No mention of QE3 expected yet.

21:00  - New York Fed President William Dudley to address the Foreign Policy Association Corporate Dinner. Dudley's comments are likely to get lost in the wake of the Bernanke speech. However, he has also make a number of public appearances in recent weeks, so his views for a moderate recovery and steady policy are fairly well known.


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