The Week Ahead: July 16-22, 2012

July 16, 2012 01:15 AM
 
Untitled Document

via a special arrangement with Informa Economics, Inc.

Fed's Bernanke appears twice before congressional panels

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


The focus of the week in Congress is Federal Reserve Chairman Ben Bernanke giving his semi-annual testimony on the economy and monetary policy to Congress and whether or not he will give any hints about possible easing. The House is not in session today.

The Senate will take up measures dealing with campaign finance disclosure, legislation providing for greater budget transparency, a jobs bill, and Fiscal Year 2013 defense spending.

The House will consider the sequestration report bill.

The Senate will vote early this week on the motion to proceed to the DISCLOSE Act (S 3369), which would create greater transparency in campaign financing. The Senate also could return to a tax bill (S 3364) which would create incentives for companies to bring jobs back to the US. The bill would offer new tax credits to encourage manufacturers to create in the US or to expand US-based operations. The incentives would be paid for by eliminating tax deductions for companies that claim expenses related to moving operations overseas and prohibiting the major oil and gas companies from claiming tax breaks for domestic production.

In the House, members are set to consider a sequestration report bill (HR 5872) to require the White House to detail its plans to deal with automatic budget cuts. House members will spend a lot of the week debating the FY 2013 Department of Defense appropriations bill (HR 5856), which will be the seventh appropriations bill considered in that chamber.

On the committee front, the Senate Finance Committee on Wednesday will mark up legislation that would establish permanent normal trade relations (PNTR) with Russia and remove Russia from the 1974 Jackson-Vanik amendment.

Federal Reserve Chairman Ben Bernanke will appear before the Senate Banking, Housing, and Urban Affairs Committee Tuesday morning to give the Fed's annual report on monetary policy and the state of the US economy. Bernanke will present the Fed's “Semiannual Monetary Policy Report to the Congress,” commonly referred to as the Humphrey-Hawkins report. Bernanke returns to Capitol Hill Wednesday morning to present the monetary policy report and economic outlook to members of the House Financial Services Committee.

The Senate Ag Committee will hold a Tuesday morning hearing on the Dodd-Frank act, examining the Wall Street reform law two years after its passage. Commodity Futures Trading Commission Chairman Gary Gensler and Robert Cook, director of the Division of Trading and Markets at the Securities and Exchange Commission, are among those invited to testify.

The House Energy and Commerce Subcommittee on Energy and Power meets Tuesday for a hearing on the American Energy Initiative. Subcommittee members will focus on federal government perspectives regarding alternative fuels and vehicles.

The House Natural Resources Committee on Wednesday will mark up legislation (HR 6082) to replace President Obama's proposed Final Outer Continental Shelf Oil & Gas Leasing program. The bill would allow additional oil and natural gas lease sales to promote offshore energy development, job creation, and increased domestic energy production.


This week's Washington-related agenda: The agenda for congressional committees features hearings on the Federal Reserve Board's economic outlook and semiannual monetary policy report; tax reform as it affects the US manufacturing sector, the effects of the Dodd-Frank law two years after its enactment, and the markup of additional fiscal 2013 appropriations bills.

Monday, July 16
Japanese markets are closed.
Clinton visits Israel:
Secretary of State Hillary Clinton travels from Egypt for a two-day visit to Israel. She will meet the country’s political leaders to discuss Middle East peace efforts and other regional and bilateral issues.
IMF report:
The International Monetary Fund (IMF) releases its updated World Economic Outlook report.
EU ag policy reform:
Reform of the common agricultural policy (CAP) as well as fishing quotas for next year are on the agenda when EU agriculture ministers attend a two-day meeting of the Agriculture and Fisheries Council in Brussels.
APEC business leaders meet:
The Business Advisory Council of the Asia Pacific Economic Co-operation (APEC) grouping meets in Ho Chi Minh City, Vietnam (until July 19).
Economic reports:
Selected Interest Rates (Federal Reserve) | Retail Sales | Empire State Mfg Survey | Business Inventories.
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Turkey Hatchery (NASS) | Sugar and Sweeteners Outlook (ERS) | Aquaculture Data (ERS).

Tuesday, July 17
US financial system vulnerabilities: Subcommittee hearing. Senate Homeland Security and Governmental Affairs — Subcommittee on Permanent Investigations.
Federal Reserve monetary policy report:
Committee hearing. Senate Banking, Housing and Urban Affairs Committee. Witness: Federal Reserve Chairman Ben Bernanke.
Impact of Dodd-Frank Act:
Committee hearing. Senate Agriculture, Nutrition and Forestry Committee. Witnesses: Gary Gensler, chairman, Commodities and Futures Trading Commission; Robert Cook, director, Division of Trading, Securities and Exchange Commission.
Alternative fuels and vehicles: Subcommittee hearing. House Energy and Commerce Subcommittee on Energy and Power.

Energy reports: Weekly National Petroleum Report (API).
Economic reports: Consumer Price Index | Industrial Production | Housing Market Index.
USDA reports: Livestock, Dairy, and Poultry Outlook (ERS) | Meat Price Spreads (ERS) | Dairy: World Markets and Trade (FAS).

Wednesday, July 18
Improving the transparency of federal spending:
Committee hearing. Senate Homeland Security and Governmental Affairs Committee.
Permanent Normal Trade Relations with Russia:
Committee markup. Senate Finance Committee will mark up legislation that would establish permanent normal trade relations (PNTR) with Russia and remove Russia from the 1974 Jackson-Vanik amendment.
Federal Reserve monetary policy report:
Committee hearing. House Financial Services Committee. Witness: Federal Reserve Chairman Ben Bernanke.
Offshore oil drilling plan replacement:
Committee markup. House Natural Resources Committee will mark up legislation that would replace the Obama administration's final offshore drilling plan with a new lease plan for developing US offshore energy resources over the next five years.
Agriculture fumigant and asthma inhaler phase-out exemptions: Subcommittee hearing. House Energy and Commerce — Subcommittee on Energy and Power hearing on pending legislation that would allow exemptions for the agricultural fumigant methyl bromide and the remaining inventories of the over-the-counter asthma inhaler known as Primatene Mist from the requirement that they be phased out under provisions of the Montreal Protocol treaty, which is implemented under Title VI of the Clean Air Act.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications. | Housing Starts | Beige Book (Federal Reserve).
USDA reports: Broiler Hatchery (NASS).

Thursday, July 19
Presidential poll for India:
India’s politicians vote to appoint a new president, the largely ceremonial head-of-state role. Pratibha Patil, the first woman to hold the post, has reached the end of her five-year term.
US energy renaissance:
“The North American Oil and Gas Renaissance and its Implications” is the theme of the Forum on Global Energy, Economy and Security staged by the Aspen Institute in Colorado (until July 22). Topics will include supply prospects, geopolitical implications, technology challenges, domestic gas demand, reducing the environmental effects of shale gas, and liquefied natural gas exports.
Regulations and job creation:
Committee hearing. House Oversight and Government Reform Committee.
Impact of Dodd-Frank Act - Consumer choice and access to credit:
Subcommittee hearing. House Financial Services — Subcommittee on Financial Institutions and Consumer Credit.
Tax Overhaul, job creation and manufacturing sector:
Committee hearing. House Ways and Means Committee.
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: Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Existing Home Sales | Phila. Fed Survey | Leading Indicators.
USDA reports: Export Sales (FAS) | Milk Production (NASS).

Friday, July 20
CME Group splits, 5-for-1.
Impact of Frank-Dodd Act: Municipal finance: Subcommittee hearing. House Financial Services — Subcommittee on Capital Markets and Government Sponsored Enterprises.
Energy: Monthly Petroleum Statistical Report (API).
USDA reports: Livestock Slaughter (NASS) | Cold Storage (NASS) | Cattle on Feed (NASS) | Peanut Prices (NASS) | Catfish Processing (NASS) | Catfish Production (NASS) | Catfish Feed Deliveries (NASS) Cattle (NASS) | Feed Grains Database (ERS) Wheat Data (ERS).

Saturday, July 21
Volcker rule takes effect: The US Volcker rule banning banks from proprietary trading comes into effect. However, regulators have advised banks that they have a full two years to comply with the rules, which aim to prohibit banks from trading for their own account or making significant investments in hedge funds or private equity firms.



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


 


 

 

 

 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close