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PCE data and plenty of Fedspeak

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Fed speak will be one of the highlights

Fed speak will be one of the highlightsThe Fed dominated the past week and it will likely be more of the same in the days ahead with a heavy slate of speakers scheduled to offer their thoughts on the stance of monetary policy.

Monday:

Tuesday:

  • Mester
  • Daly
  • Powell testifies in Congress

Wednesday:

Thursday:

  • Bostic
  • Harker
  • Williams
  • Bullard
  • Kaplan
  • Fed bank stress tests

Friday:

Expect a handful of media appearances as well. If there’s a message the Federal Reserve wants to send, they will certainly have an opportunity.

The economic data calendar also has some highlights but the week will start quietly with nothing market moving scheduled for Monday. It picks up from there.

Tuesday:

  • Existing home sales
  • Richmond Fed

Wednesday:

  • Markit manufacturing and services prelim
  • New home sales

Thursday:

  • Trade balance
  • Durable goods orders
  • Q1 GDP (third look)
  • Initial jobless claims

Friday:

For the PCE report, CIBC forecasts an above-consensus reading of +0.6% on personal spending (+0.3% exp) and is in-line on the +3.5% y/y core inflation number.

“Although households have
ample savings as a result of past fiscal stimulus to spend,
labor shortages and supply chain issues are proving to
be a headwind to activity, while quickly rising prices in
some areas of the economy could pose a threat to future
demand. The escalation in prices has been expected
by the Fed and it will look through the acceleration as
transitory and remain focused on the recovery in the
labor market.”

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