The Week Ahead: Jan. 14-20, 2013

January 13, 2013 07:12 PM
Untitled Document

via a special arrangement with Informa Economics, Inc.

House returns | Superstorm Sandy aid | Fed speeches

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

The House returns to Congress on Monday, but will only be in session for three days – the House GOP will meet in Williamsburg, Va., Jan. 17-18. The Senate is in recess until Monday, Jan. 21 for a joint session of Congress for the inauguration of President Obama. Legislative business will resume Tuesday, Jan. 22.

Superstorm Sandy aid. The House on Monday will consider under suspension of the rules legislation intended to improve the response to, and recovery from, Superstorm Sandy and future natural disasters. Separately, the Rules Committee will meet Monday regarding floor debate the next day on a second Superstorm Sandy supplemental appropriations bill.

A few House committees during the week have planned organizational meetings for the 113th Congress. Committees will adopted rules, create subcommittees, designate members, and perform other tasks for the new Congress.

The economic calendar fills up a little more as we move into the second full week of January. Fed Chairman Ben Bernanke speaks on Monday, which always holds potential for a market reaction. Tuesday will bring the Producer Price Index, Retail Sales, Empire State Manufacturing and Business Inventories reports. For Wednesday, data on inflation at the consumer level along with the Housing Market Index arrive in the morning, with the Beige Book issued that afternoon. Thursday will see release of the weekly Jobless claims data, Housing Starts and the Philadelphia Fed index. The week wraps up with Consumer sentiment data on Friday. Markets will be digesting the economic indicators and watching for any additional data releases out of China and Europe. Crude oil futures have been particularly focused on economic indicators of late and next week should be no different.

For agriculture, the barrage of USDA data Jan. 11 will still be a focus but increasingly the attention will turn to weather conditions in Plains HRW wheat areas, especially after seedings were down from expectations. Outside markets remain a potential focus with the dollar a factor, especially when it increases. For USDA data, there’s not a big batch of reports but additional trade data will come out on Monday along with the weekly Grain Inspections. Wednesday will bring a bioenergy update from the Economic Research Service, with Thursday the release day for the Weekly Export Sales report. South American weather and planting or harvest progress will also be a potential attention getter.

Monday, Jan. 14
Markets in Japan are closed.
Federal Reserve: Fed Chairman Ben Bernanke also speaks at 3:30 pm CST at the University of Michigan in a conversation with Ford School Dean Susan M. Collins on monetary policy and the US economy. Also, San Francisco and Atlanta Fed chiefs speak about the economic outlook.
USDA Secretary Tom Vilsack speaks at Farm Bureau confab: Vilsack will be in Nashville, Tenn., to address (2 p.m. CST) the American Farm Bureau Federation's annual meeting. He will discuss “unlimited economic potential of rural America and highlight the importance of passing a five-year food, farm and jobs bill.”
Cuban travel eased: Cuba scraps travel restrictions, making it easier for its citizens to leave the communist-ruled island. The decision reverses tough restrictions imposed in 1961 when the government tried to halt mass migration of citizens fleeing after the 1959 revolution that put Fidel Castro in power.
Asian Financial Forum: Held at the Hong Kong Convention and Exhibition Centre (to January 15), the confab discusses developments and trends in the dynamic markets of Asia. A keynote speaker is former US Treasury secretary Larry Summers.
European Parliament meets in Strasbourg (until January 17) to vote on issues including banking supervision, the capital requirements directive, rating agencies and stability bonds.
Economic reports:
Selected Interest Rates (Federal Reserve)
USDA reports:
Export inspections (AMS) | Livestock and Meat Trade Data (ERS) | US Agricultural Trade Data Update (ERS)

Tuesday, Jan. 15
Federal Reserve: Several Fed officials speak about the economy in various events.
Water summit: The inaugural International Water Summit in Abu Dhabi starts (until January 17) alongside the 2013 World Future Energy Summit and the Abu Dhabi International Renewable Energy Conference. Solutions for some of the world’s most water-scarce regions are discussed.
US-Brazil trade relations: Inter-American Dialogue will hold a discussion titled "Deepening the Relationship: Prospects for US-Brazil Commercial and Bilateral Ties."
Energy: Weekly National Petroleum Report (American Petroleum Institute).
Economic reports: ICSC-Goldman Store Sales | Producer Price Index | Retail Sales | Empire State Mfg Survey | Business Inventories
USDA reports: Rice Outlook (ERS) | Oil Crops Outlook (ERS) | Wheat Outlook (ERS) | Turkey Hatchery (NASS) | Feed Grains Outlook (ERS)

Wednesday, Jan. 16
Federal Reserve: Richard Fisher of the Dallas Fed speaks on "Why It's Important to Downsize Institutions That Are Too Big to Fail."
Iran hosts the next round of talks with the UN nuclear watchdog.
US Energy Association holds its ninth annual State of the Energy Industry Forum, in Washington.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Consumer Price Index | Treasury International Capital | Industrial Production | Housing Market Index | Beige Book
USDA reports: Meat Price Spreads (ERS) | Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS) | Announcement of Advanced Prices and Pricing Factors (AMS) | Aquaculture Trade Data (ERS) | Bioenergy Data (ERS)

Thursday, Jan. 17
Spain auctions bonds.
Monetary policy and economic outlook: American Bankers Association Economic Advisory Committee news conference on monetary policy predictions and to present consensus economic forecast.
Immigration overhaul: National Immigration Forum press conference to discuss immigration overhaul. Participants: Thomas J. Donohue, president and CEO, U.S. Chamber of Commerce; Carlos Gutierrez, vice chairman, Citigroup and Former Secretary of Commerce; Gregory F. Zoeller, attorney general, State of Indiana; Ali Noorani, executive director, National Immigration Forum.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Housing Starts | Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Phila. Fed Survey
USDA reports: Export Sales (FAS) | Livestock, Dairy, and; Poultry Outlook (ERS) | Sugar and Sweeteners Outlook (ERS) | Feed Grains Database (ERS)

Friday, Jan. 18
SEC: Four investor-advisory committees give reports at a meeting of the Securities and Exchange Commission (SEC).
China posts fourth-quarter GDP.
Economic reports:
Consumer Sentiment
USDA reports: Peanut Prices (NASS)

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






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