The Week Ahead: April 22-28, 2013

April 22, 2013 01:42 AM
 

via a special arrangement with Informa Economics, Inc.

Immigration reform | New farm bill | GDP | FY 2014 appropriations


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


The Senate will focus on a bill regarding an online sales tax, while the House takes up a health funding measure.

A Senate online sales tax bill, The Marketplace Fairness Act (S 743), would force online retailers to collect sales tax for states where they sell and ship products.

The House is not in session today, but returns to legislative business Tuesday.

The immigration overhaul by the Senate’s gang of eight will get more scrutiny at a second Senate Judiciary hearing today. On Friday, some panel members said the 844-page draft should be broken up into pieces that could be considered separately, but that is unlikely to happen. Some lawmakers said the debate may take some unexpected turns in the aftermath of the Boston Marathon bombings and that fact that suspects came to this country from a Russian region near Chechnya. Republican members of the gang including Marco Rubio of Florida, John McCain of Arizona and Lindsey Graham of South Carolina said Friday the bill’s efforts to strengthen the nation’s borders would improve national security.

Labor secretary vote. President Obama's Labor secretary nominee, Thomas Perez, is expected to win the approval of the Senate Health, Education, Labor and Pensions Committee when it votes on the nomination Thursday morning. Perez has stressed his commitment to working across the aisle and pointed to his work as a criminal prosecutor under four presidents of both parties — Ronald Reagan, George Bush, Bill Clinton and Obama.

The focus on FY 2014 spending will continue with hearings on tap Wednesday and Thursday in the House Ag Appropriations Subcommittee on additional USDA program areas, and the US Agency for International Development. The House Ag Committee also starts in on some of their farm bill planning, with a subcommittee session planned on horticulture issues for the bill.

The economic calendar will feature some potentially important updates on housing, manufacturing and the US economy as a whole. Monday opens with the Chicago Fed manufacturing report and an update on Existing Home Sales. Tuesday will bring the PMI manufacturing flash report, the Home Price Index, New Home Sales and the Richmond Fed manufacturing index. The Durable Goods orders report arrives Wednesday, with the weekly jobless claims data Thursday, along with the Kansas City Fed manufacturing update. Friday will be key with the initial first quarter 2013 GDP update followed by Consumer Sentiment data. Other items of interest will be any additional currency fallout after the IMF/World Bank meetings and whether OPEC nations set a session to talk about oil prices. Any economic rumblings out of China or updated data from Europe could also enter into the picture as well.

For agriculture, Monday’s Crop Progress update will be important as it will show minimal corn planting progress and could provide some initial signals on potential damage to the winter wheat crop from cold temperatures. The monthly Cold Storage update also comes out Monday. Weekly Export Sales figures on Thursday will provide the market with an update on the demand side while USDA’s updated food price forecasts will be released that day as well.


This week's Washington-related agenda: The agenda for congressional committees features hearings on the 2013 farm bill, natural gas exports, several FY 2014 ag-related budget hearings, the Trans-Pacific Partnership (TPP) agreement, the role of the US in the IMF, and several transportation-related hearings.

Monday, April 22
Earth Day is celebrated.
Immigration reform: Committee hearing. Senate Judiciary Committee hearing on "The Border Security, Economic Opportunity, and Immigration Modernization Act, S 744."
Economic reports: Selected Interest Rates (Federal Reserve) | Existing Home Sales
USDA reports: Export inspections (AMS) | Catfish Processing (NASS) | Livestock Slaughter - Ann. (NASS) | Cold Storage (NASS) | Chickens and Eggs (NASS) | Catfish Feed Deliveries (NASS) | Crop Progress (NASS)

Tuesday, April 23
NATO foreign ministers meet.
CFPB report to Congress: Committee hearing. Senate Banking, Housing and Urban Affairs Committee oversight hearing on the semi-annual report to Congress of the Consumer Financial Protection Bureau (CFPB). Witness: Richard Cordray, director, CFPB.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: FHFA House Price Index | PMI Mfg Index Flash | New Home Sales | Richmond Fed Mfg Index | ICSC-Goldman Store Sales
USDA reports: Weekly Weather and Crop Bulletin (WAOB)


Wednesday, April 24

Australian and Indian markets closed.
Statistics Canada
issues their planting intentions data.
TPP: Committee hearing. Senate Finance Committee hearing titled "The Trans-Pacific Partnership (TPP): Opportunities and Challenges."
FY 2014 budget – EPA: Subcommittee hearing. Senate Appropriations Subcommittee on Interior, Environment, and Related Agencies. Witnesses: Acting EPA Administrator Bob Perciasepe and Acting EPA Chief Financial Officer Maryann Froehlich.
2013 Farm Bill - Horticulture priorities: Subcommittee hearing. House Agriculture — Subcommittee on Horticulture, Research, Biotechnology and Foreign Agriculture.
2014 appropriations - Agriculture, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee. Witnesses: Dallas Tonsager, undersecretary, Rural Development, USDA; John Padalino, acting administrator, Rural Utilities Service, USDA; Lilian Salerno, acting administrator, Rural Business-Cooperative Service, USDA; Tammye Trevino, administrator, Rural Housing Service, USDA; Michael Young, budget officer, USDA.
2014 appropriations - Agriculture, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee. Witnesses: Ann Mills, deputy undersecretary of Agriculture, Natural Resources and Environment; Jason Weller, acting chief, Natural Resources Conservation Service, USDA; Michael Young, budget officer, USDA.
Future of export controls: Committee hearing. House Foreign Affairs Committee.
Highway Trust Fund solvency: Committee hearing. House Budget Committee.
Freight transportation system overview: Subcommittee hearing. House Transportation and Infrastructure — Panel on 21st Century Freight Transportation.
Keystone XL Pipeline: Committee markup. House Natural Resources Committee will mark up pending legislation – HR 3 — Northern Route Approval Act.
Fiscal 2014 budget - Army Corps of Engineers: Subcommittee hearing. House Transportation and Infrastructure — Subcommittee on Water Resources and Environment.
Role of US in the IMF: Subcommittee hearing. House Financial Services — Subcommittee on Monetary Policy and Trade. Witness: Lael Brainard, undersecretary of the Treasury for international affairs.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: ICI weekly money market mutual fund data | MBA Purchase Applications | Weekly Mortgage Rates (Freddie Mac) | Durable Goods Orders
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS)

Thursday, April 25
Eurogroup President Jeroen Dijsselbloem speaks before the European Parliament's economic and monetary affairs committee.
Natural gas exports: Subcommittee hearing. House Foreign Affairs — Subcommittee on Terrorism, Nonproliferation, and Trade.
Drought, energy and water management: Committee hearing. Senate Energy and Natural Resources Committee.
Federal regulations on water rights: Subcommittee oversight hearing. House Natural Resources — Subcommittee on Water and Power.
Policy relevant climate issues: Subcommittee hearing. House Science, Space and Technology — Subcommittee on Environment.
2014 appropriations - Agriculture, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee. Witnesses: Michael Scuse, undersecretary of Agriculture, Farm and Foreign Agriculture Services; Juan Garcia, administrator, Farm Service Agency, USDA; Suzanne Heinen, administrator, Risk Management Agency, USDA; Brandon Willis, administrator, Risk Management Agency, USDA; Michael Young, budget officer, USDA.
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept) KC Mfg Index
Transportation: Grain Transportation Report (AMS).
USDA reports: US Export Sales (FAS) | Food Price Outlook (ERS) | Milk - PDI (NASS) | Floriculture Crops (NASS) | Livestock Slaughter (NASS) | Meat Animals - PDI (NASS) | Poultry Slaughter (NASS)

Friday, April 26

Bank of Japan meets and is expected to revise its price forecasts sharply higher, after a policy board member said Japan's inflation rate would likely top 1% in the next fiscal year. The BOJ will release a semi-annual forecast on economic growth and consumer-price trends.
2014 appropriations - Agriculture, FDA: Subcommittee hearing. House Ag Appropriations Subcommittee.Witnesses: Margaret Hamburg, commissioner, Food and Drug Administration (FDA), Department of Health and Human Services (HHS); James Tyler, chief financial officer, FDA, HHS; Norris W. Cochran, deputy assistant secretary of Health and Human Services.
Economic reports: GDP | Consumer Sentiment
USDA reports: Peanut Prices (NASS) | Monthly Milk Cost of Production (ERS)


 

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


 


 

 

 

 

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