The Week Ahead: June 11-17, 2012

June 11, 2012 03:10 AM

via a special arrangement with Informa Economics, Inc.

Farm bill amendments in Senate | JPMorgan Chase

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

The House is in recess, but will hold two pro forma sessions on June 12 and June 15. The focus in the Senate will be on proposed amendments to the farm bill (see related item for details). A hearing on Wednesday will hear from JPMorgan Chase CEO Jamie Dimon. Meanwhile, lawmakers anticipate a Supreme Court ruling on the health care overhaul (PL 111-148, PL 111-152) later this month.

The Senate farm bill (S 3240) takes center stage this week. The latest count of possible amendments total nearly 180 (actual and placeholder amendments), but several of them will likely be withdrawn. The key will be whether Senate leaders will be able to work out an agreement on the number and scope of amendments. Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) last week said she anticipates that the Senate will be debating the farm bill for the next two to three weeks.

Attorney General Eric Holder is scheduled to testify before the Senate Judiciary Committee June 12 for an oversight hearing on the US Department of Justice.

FY 2013 spending bills. The Senate Appropriations Labor-HHS-Education and Financial Services subcommittees on Tuesday will mark up their respective draft Fiscal 2013 spending bills.

This week's Washington-related agenda: The agenda for congressional committees features hearings on tax reform and energy policy; clean energy in China; and the JPMorgan Chase loss.

Monday, June 11
Central bankers gather:
Alan Greenspan, former chairman of the US Federal Reserve, will speak at the 18th International Economic Forum of the Americas which opens today in Montreal, Canada, and runs to June 14. Among speakers addressing the event will be the governors of the central banks of Portugal, Spain, France, Brazil, Mexico and Canada, and Angel Gurría, the secretary-general of the OECD, the Paris-based organization of developed countries.
Economic reports:
Selected Interest Rates (Federal Reserve) | Consumer Credit.
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Liverstock, Dairy, and Poultry Outlook (ERS) | Livestock and Meat Trade Data (ERS) | US Agricultural Trade Data Update (ERS).

Tuesday, June 12
Farm bill: The Senate is expected to begin its debate on a series of amendments to the new farm bill.
Taxes and energy policy: Committee hearing. Senate Finance Committee.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: ICSC-Goldman Store Sales | NFIB Small Business Optimism | Import and Export Prices | Treasury Budget.
USDA reports: World Agricultural Supply and Demand Estimates (WAOB) | Crop Production (NASS) | Cotton, Grains, Oilseeds, and World Agricultural Production Data (FAS) | Oilseeds: World Markets and Trade (FAS) | World Agricultural Production (FAS) | Cotton: World Markets and Trade (FAS) | Grains: World Markets and Trade (FAS) | Season-Average Price Forecasts (ERS) | Aquaculture Data (ERS).

Wednesday, June 13
JPMorgan Chase loss and financial regulation oversight: Committee oversight hearing. Senate Banking, Housing and Urban Affairs Committee oversight hearing on efforts to overhaul the regulation of derivatives, focusing on the steps the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission are taking to implement provisions of the Dodd-Frank Wall Street Reform Act, and their efforts to reduce systemic risk and improve market oversight. The session also will review the $2 billion JPMorgan Chase trading loss, which is being investigated by the SEC and the FBI. The committee held earlier hearing on this subject May 22 and June 6. The House Financial Services Committee will hold a hearing on the same topic June 19. Witness: Jamie Dimon, chairman of the board, president and CEO, JPMorgan Chase Co.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: MBA Purchase Applications | Producer Price Index | Business Inventories | Retail Sales.
USDA reports: Broiler Hatchery (NASS) | Potato Stocks (NASS) | Cotton and Wool Outlook (ERS) | Oil Crops Outlook (ERS) | Rice Outlook ERS.

Thursday, June 14
Impact of regulations on small business: Subcommittee field hearing. House Small Business — Contracting and Workforce Panel field hearing in Rock Hill, S.C.
US, China and clean energy: Committee hearing. Senate Energy and Natural Resources Committee.
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 | Consumer Price Index.
Transportation: Grain Transportation Report (AMS).
USDA reports: Export Sales (FAS) | Meat Price Spreads (ERS) | Wheat Outlook (ERS) | Feed Outlook (ERS).

Friday, June 15

Japan: The Bank of Japan is expected to hold interest rates steady.
Economic reports: Producer Price Index | Empire State Mfg Survey | Treasury International Capital | Industrial Production | Consumer Sentiment.
USDA reports: Peanut Prices (NASS) | Turkey Hatchery (NASS).

Sunday, June 17
Greece votes to elect a government, which will decide whether the country will stay within the common currency.
France holds Parliamentary elections.


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






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