The Week Ahead: April 15-21, 2013

April 14, 2013 08:47 PM
Untitled Document

via a special arrangement with Informa Economics, Inc.

Immigration reform | Gun control bill | Ag appropriations | Federal Reserve | Obama budget proposals

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A Senate unveiling of major immigration reform legislation and movement on compromise gun control legislation (S 649) will be the focus in Washington this week.

House leaders want to debate several bills designed to improve the security of the nation's information infrastructure and reduce the obstacles to voluntary information sharing between the federal government and the private sector. House Majority Leader Eric Cantor (R-Va.) last week told members to “expect a robust debate next week on the importance of our nation's cybersecurity.”

Agriculture appropriations for Fiscal Year 2014 will be the topic that USDA Secretary Tom Vilsack and other USDA officials, including chief economist Joe Glauber, will be asked about on Tuesday before the House Ag Appropriations Subcommittee. Other USDA officials will testify on the topic later in the week.

Focus on Obama budget proposals. Both the Senate and House Budget committees will continue their examination of the president's FY 2014 budget request. Treasury Secretary Jacob Lew will testify before the House Budget Committee Tuesday morning, before going to the Senate committee in the afternoon. At both hearings, Lew will discuss the revenue and economic policy proposals in the Obama administration budget that was submitted to Congress April 10.

Fed watch. The Joint Economic Committee on Thursday will take a look at the Federal Reserve system.

The economic calendar shows a mix of data due out with the Empire State Manufacturing Index and Housing Market Index both released on Monday. Tuesday will bring the update on the Consumer Price Index (CPI), Housing Starts and Industrial Production, with the Beige Book due out Wednesday. Thursday will bring the weekly Jobless Claims data along with the Philadelphia Fed index and Leading Indicators. The results of the economic reports in the US and from China will help shape financial market activity in the week ahead. Europe also remains a potential factor to affect trading. The deep drop in gold futures also will be watched to see if the downturn continues.

For agriculture, the weekly Crop Progress update will be important for wheat and will provide the first data on US corn planting for 2013. Thursday brings the Weekly Export Sales report, with the week wrapping up with the Cattle on Feed report and the resumed partial Milk Production update.

This week's Washington-related agenda: The agenda for congressional committees features hearings on continued examination of President Obama's Fiscal Year 2014 budget request, tax fraud and ID theft, the housing finance system, votes on the president's Cabinet nominations, and entitlement reform proposals.

Monday, April 15
Renewable fuels: USDA Secretary Tom Vilsack and Transportation Secretary Ray LaHood will announce that USDA and Federal Aviation Administration, along with other partners, are extending an agreement to help develop viable renewable fuels for the aviation industry.
TPP: The National Pork Producers Council (NPPC), the American Farm Bureau Federation, Cargill Incorporated, the National Milk Producers Federation, the National Potato Council and the US Dairy Export Council will hold a press conference to discuss the benefits to US agriculture of having Japan in the Trans-Pacific Partnership (TPP) trade negotiations. The US on April 12 agreed to accept Japan into the TPP talks.
China issues key economic data, including GDP and retail sales.
Japan: Bank of Japan Governor Haruhiko Kuroda speaks about the economy.
National Food Policy conference: Through April 16.
Economic reports: Selected Interest Rates (Federal Reserve) | Treasury International Capital | Housing Market Index
USDA reports: Export inspections (AMS) | Hatchery Production - Ann. (NASS) | Crop Progress (NASS) | Bioenergy Data (ERS)

Tuesday, April 16
Federal Reserve: New York Fed's William Dudley speaks about the economy in New York, before the market opens. Also, Fed Vice Chairman Janet Yellen holds a discussion on monetary policy at an IMF conference on macro policy.
IMF issues its World Economic Outlook, during week of spring meetings of the IMF and the World Bank.
EU: ECB President Mario Draghi participates in a debate on European capital requirements and bank bonuses.
Securities and Exchange Commission hosts round table on improving transparency of fixed-income markets.
Role of Financial Stability Oversight Council: Subcommittee hearing. House Financial Services — Subcommittee on Oversight and Investigations.
Fiscal 2014 Budget – US Forest Service: Committee hearing. Senate Energy and Natural Resources Committee. Witness: Thomas Tidwell, chief, US Forest Service.
Fiscal 2014 budget: Committee hearing. House Budget Committee. Topic Revenue and economic policy proposals. Witness: Jacob Lew - secretary of the Treasury.
WRDA: Subcommittee hearing. House Transportation and Infrastructure — Subcommittee on Water Resources and Environment hearing titled "The Foundations for a New Water Resources Development Act (WRDA)."
2014 Appropriations - Agriculture, Rural, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee. Witnesses: Tom Vilsack - secretary of Agriculture; Joe Glauber, chief economist, Department of Agriculture; Michael Young, budget officer, USDA.
China's presence in Central Asia, Russia: Subcommittee hearing. House Foreign Affairs — Subcommittee on Europe, Eurasia and Emerging Threats.
Keystone XL Pipeline route approval: Subcommittee hearing and markup. House Natural Resources — Subcommittee on Energy and Mineral Resources. Agenda: HR 3 — Northern Route Approval Act.
Wind energy incentives assessment: Subcommittee hearing. House Science, Space and Technology — Subcommittee on Energy.
Dodd-Frank authorization and financial institutions: Subcommittee hearing. House Financial Services — Subcommittee on Oversight and Investigations.
Enforcement of the antitrust laws: Subcommittee hearing. Senate Judiciary — Subcommittee on Antitrust, Competition Policy and Consumer Rights.
Fiscal 2014 budget: Committee hearing. Senate Budget Committee. Witness: Jacob Lew - secretary of the Treasury.
Economic reports: ICI weekly money market mutual fund data | Weekly Mortgage Rates (Freddie Mac) | Consumer Price Index | Industrial Production | Housing Starts | ICSC-Goldman Store Sales
USDA reports: Meat Price Spreads (ERS) | Livestock, Dairy & Poultry, Outlook (ERS) | Weekly Weather and Crop Bulletin (WAOB) (WAOB) | Feed Grains Database (ERS) | Sugar & Sweeteners Outlook (ERS)

Wednesday, April 17
IMF releases its Global Financial Stability report, on systemic risks.
Federal Reserve: St. Louis Fed's James Bullard speaks on unemployment targeting at the Levy Institute's Hyman P. Minsky confab. Also in the lineup: Thomas Hoenig, late of the Kansas City Fed.
2014 Appropriations - Agriculture, Rural, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee. Topic: Department of Agriculture Research, Education, and Economics. Witnesses: Catherine E. Woteki, undersecretary, Research Education and Economics, Department of Agriculture; Edward B. Knipling, administrator, Agriculture Research Service, USDA; Sonny Ramaswamy, director, National Institute of Food and Agriculture, USDA; Mary Bohman, administrator, Economic Research Service, USDA; Cynthia Clark, administrator, National Agriculture Statistics Service, USDA; Michael Young, budget officer, USDA.
OMB director nomination: Committee business meeting. Senate Homeland Security and Governmental Affairs Committee business meeting to vote on the nomination of Sylvia M. Burwell to be Office of Management and Budget Director.
State and federal comparison of oil and gas production and regulations: Committee oversight hearing. House Natural Resources Committee.
Dept. of Defense food supply contracting oversight: Subcommittee hearing. House Oversight and Government Reform — Subcommittee on National Security hearing.
Immigration overhaul legislation: Committee hearing. Senate Judiciary Committee. Witness: Janet Napolitano - secretary of Homeland Security.
Economic reports: MBA Purchase Applications | Beige Book
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA) | Weekly National Petroleum Report (API)
Transportation: Grain Transportation Report (AMS).
USDA reports: National Dairy Products Sales Report (AMS) | Announcement of Advanced Prices and Pricing Factors (AMS) | Livestock and Poultry (FAS) | Turkey Hatchery (NASS) | Potato Stocks (NASS) | Broiler Hatchery (NASS)

Thursday, April 18
IMF Managing Director Christine Lagarde holds a news conference.
2014 Appropriations - Agriculture, Rural, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee. Topic: Department of Agriculture Marketing and Regulatory Programs. Witnesses: Ed Avalos, undersecretary, Marketing and Regulator Programs, Department of Agriculture; Kevin Shea, acting administrator, Animal and Plant Health Inspection Service, USDA; Dave Shipman, administrator, Agriculture Marketing Service, USDA; Larry Mitchell, administrator, Grain Inspection, Packers and Stockyards Administration, USDA; Michael Young, Budget Officer, USDA.
Federal Reserve: Richmond Fed President Jeffrey Lacker speaks at a credit-market forum.
Entitlement programs overhaul: Subcommittee hearing. House Ways and Means — Subcommittee on Social Security. Topic: Chained Consumer Price Index.
Monetary policy and the Federal Reserve: Committee hearing. Joint Economic Committee hearing titled "The Fed at 100: Can Monetary Policy Close the Growth Gap and Promote a Sound Dollar?"
Fiscal 2014 budget – Energy: Committee hearing. Senate Energy and Natural Resources Committee. Witness: Daniel B. Poneman, deputy secretary of Energy and chief operating officer, Department of Energy.
2014 Appropriations - Agriculture, Rural, FDA: Subcommittee hearing. Senate Ag Appropriations Subcommittee. Topic: Food and Drug Administration. Witnesses: Margaret Hamburg, commissioner, Food and Drug Administration (FDA); Norris Cochran, deputy assistant secretary of Health and Human Services for budget; James Tyler, Chief Financial Officer, FDA.
Economic reports: Jobless Claims (Labor Dept) | Leading Indicators | Phila. Fed Survey
Energy reports: EIA Natural Gas Report
USDA reports: Export Sales (FAS)

Friday, April 19
G20 finance ministers and central bankers are in Washington for spring meetings of the IMF and World Bank. Federal Reserve: Fed Governor Jeremy Stein speaks at a credit symposium in Charlotte, N.C.
USDA reports: Cattle on Feed (NASS) | Milk Production (NASS) | Peanut Prices (NASS) | Wheat Data (ERS)

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.






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