The Week Ahead: Aug. 19-25, 2013

August 18, 2013 01:51 AM

via a special arrangement with Informa Economics, Inc.

Lawmakers on long summer recess | Data on U.S. economy remains key focus for markets

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

Lawmakers remain on their long summer recess, returning to Washington on Sept. 9. In various meetings back in their states, legislators have been commenting on several topics, including immigration reform, the farm bill, tax reform and health care reform.

The data on the U.S. economy remains a key focus for markets, and this week will bring some additional data to digest. Monday is a quiet day without any major releases on tap, but Tuesday starts a rising amount of information for the week. The Chicago Fed index is released on Tuesday, with Existing Home Sales figures on Wednesday, along with the minutes from the July 30-31 FOMC meeting. Those will be combed for any signs of how much of a push there was for the tapering of asset purchases to start that month or in September. On Thursday, the slew of data includes weekly jobless claims, PMI Manufacturing Index flash, FHFA home price index, The Kansas City Fed manufacturing report and Leading Indicators. Plus, Dallas Fed’s Fisher is on tap to speak. Friday will see New Home Sales figures released and then very closely watched remarks are to be given by Fed Vice Chair Janet Yellen. Data out of China or Europe also have the potential to move US markets, but the main focus now is on what each piece of US economic data could mean to the coming tapering of asset purchases by the Fed.

For agriculture, Monday’s Crop Progress report will gain more attention given dryness working its way into areas of Illinois. USDA releases data on farm computer use Tuesday with Thursday bringing the weekly export update, Cold Storage and the U.S. and Canadian Hogs report. The U.S. and Canadian Cattle report would normally have been released that day but has been suspended due to the sequester budget cuts here. And Friday will see USDA release the monthly Cattle on Feed report.

Monday, August 19
Egypt: European Union officials discuss the crisis in Egypt. A United Nations official visits the embattled country this week.
Employment: State and regional employment trends are reported for July.
Economic reports: Selected Interest Rates (Federal Reserve)
USDA reports: Export inspections (AMS) | Crop Progress (NASS) | Milk Production (NASS)

Tuesday, August 20
Economic reports: ICSC-Goldman Store Sales | Chicago Fed National Activity Index
USDA reports: Weekly Weather and Crop Bulletin (WAOB) | Catfish Feed Deliveries (NASS) | Mushrooms (NASS) | Catfish Processing (NASS)

Wednesday, August 21
Federal Reserve: Minutes from the Federal Open Market Committee's July meeting will be studied for clues on the timing, size, and makeup of its plans to cut asset purchases.
Asia: The Asian Development Bank's chief economist discusses key trends regarding Asia's economic development when the bank presents its annual statistical publication.
Asean: Economic ministers of Asean (Association of Southeast Asian Nations) meet.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: MBA Purchase Applications | Existing Home Sales | FOMC Minutes
USDA reports: Broiler Hatchery (NASS) | Announcement of Advanced Prices and Pricing Factors (AMS) | National Dairy Products Sales Report (AMS) | Wheat Data (ERS)

Thursday, August 22
President Barack Obama begins a road trip to win support for his jobs plan.
Federal Reserve: Dallas Fed President Richard Fisher, a policy hawk, speaks to the US manufacturing summit in Orlando, Fla.
Federal Reserve: The Jackson Hole, Wyo., symposium sponsored by the Kansas City Fed begins. Janet Yellen, a front-runner to replace Fed Chair Ben Bernanke, will moderate a panel, although the chairman won't attend.
Energy reports: Weekly US underground natural gas stocks (EIA)
Economic reports: Jobless Claims | PMI Mfg Index Flash | FHFA House Price Index | Leading Indicators | KC Fed Mfg Index
USDA reports: Export Sales (FAS) | Cold Storage (NASS) | Chicken and Eggs (NASS) | Livestock Slaughter (NASS) | US and Canadian Hogs (NASS)


Friday, August 23
Egypt: The UN Security Council meets to discuss the situation in Egypt.
Federal Reserve: The Federal Reserve's Janet Yellen speaks at the Jackson Hole, Wyo., symposium.
Economic reports: New Home Sales
USDA reports: Peanut Prices (NASS) | Cattle on Feed (NASS)


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






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