On Wednesday Fed Chair Yellen will testify in front of the House Financial Services Committee at 10 AM ET/14:00 GMT. The prepared text by Yellen will be released 90 minutes earlier at 8:30 AM ET/12:30 GMT. Yellen will repeat her comments on Thursday in front of the Senate Banking Committee at the same time. The Q&A session will be different but it can give us some info about Fed chair ideas on monetary policy.Other key macro events for the week include:
Monday:
- China CPI (9:30 PM ET on Sunday). The expectation is for 1.6% vs 1.5% last month
Tuesday:
- US JOLTs job openings (10 AM ET/1400 GMT).
- FOMC Member Brainard speaks about monetary policy at the Columbia University’s School of International and Public Affairs, in New York
- Inflation Report Hearings – GBP
Wednesday:
- UK employment statistics (4:30 AM ET/ 0830 GMT)
- Bank of Canada interest rate statement. The Bank of Canada is expected to tighten by 0.25% to 0.75% from 0.50%. BOC Poloz will hold a press conference at 11:15 AM ET/1515 GMT.
- Yellen testimony in front of the House financial services committee (10 AM ET/1400 GMT). The text will be released at 8:30 AM ET/1230 GMT
- Crude oil inventories from the DOE. This week there was a larger than expected draw down. Will that trend continue in the new week? Will the market believe the numbers? This week’s large draw down led a a spike higher but then a fall back lower.
Thursday:
- US PPI (8:30 AM ET). The estimate is for an anemic 0.0% change MoM. YoY is expected to show a rise of 1.9% vs 2.4% last month. Ex food and energy est 2.0% vs 2.1% last month
- Fed Chair Yellen testifies before the Senate banking committee.
- FOMC member Evans speaks about the economy and monetary policy at the Ninth Annual Rocky Mountain Economic Summit, in Idaho. Audience questions expected.
Friday:
- US CPI (8:30 AM ET/1230 GMT) is estimated to rise by 0.1% MoM and +0.2% ex food and energy. YoY is expected to rise 1.7% vs 1.9% last month. Ex food and energy is expected to also come in at 1.7% vs 1.7% last month
- US retail sales (8:30 AM ET/1230 GMT) is estimated to come in at +0.1% vs -0.3% last month. The ex auto and gas are expected to rise by 0.4% vs 0.0% last month.
- FOMC Member Kaplan speaks (9:30 AM ET/1330 GMT) about the Federal Reserve and monetary policy at the Center for Economic Studies of the Private Sector, in Mexico City. Audience questions expected
