The Week Ahead: Nov. 18-24, 2013

November 17, 2013 11:24 PM
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via a special arrangement with Informa Economics, Inc.

Energy bills | FOMC minutes | Defense authorization

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

The House plans to debate energy security bills, while the Senate wants to move to a Defense Dept. authorization measure in addition to continuing debate on a compounding pharmacies bill. The House Thanksgiving break starts in just four days, and there are only eight legislative days scheduled in December in the House. The Senate leaves on Nov. 27.

On the nomination front, the Senate Banking Committee could vote this week on Janet Yellen to be the first chairwoman of the Federal Reserve Board. While several senators have pledged to put a hold on her nomination to force votes on other issues, her eventual approval is widely expected. Current Fed Chairman Ben Bernanke's tenure runs through January. On Tuesday evening, Bernanke will speak at the National Economists Club Annual Dinner at the US Chamber of Commerce. On Wednesday, the Fed will release minutes from its latest meeting. The next Federal Open Market Committee (FOMC) meeting is scheduled for Dec. 17-18, Bernanke's last as chairman. The Senate Homeland Security and Government Affairs Committee might vote Wednesday on President Obama's nomination of Jeh Johnson to head the Homeland Security Department.

The House will consider three bills (HR 1965, 2728 and 1900) aimed at domestic energy production. The legislation will address protections for states' rights, activity on federal lands, and natural gas pipeline permitting. The House Rules panel will hold a hearing Tuesday regarding floor procedures on the pipeline measure.

A pharmaceutical bill (HR 3204) is expected to pass the Senate today. It would increase federal oversight on large compounding pharmacies, which mix and package drugs. The House passed the legislation in September.

The Senate will vote on whether to proceed to Robert Wilkins' nomination for the US District Court of Columbia, but that requires a 60-vote threshold, and Republicans have already said they will not agree to any more nominees for the DC District Court.

On the budget front, Friday is the deadline suggested by leaders of the House and Senate Appropriations panels for when they hope the budget conference committee can issue top-line budget figures at least for Fiscal 2014, which began Oct. 1. The conference committee of 29 members has an informal deadline of Dec. 13 to products its recommendations on a spending plan with an existing funding mechanism for government set to expire Jan. 15.

Regarding tax reform, Senate Finance Committee Chairman Max Baucus (D-Mont.) will meet with members Tuesday, and could release a draft of the panel's tax reform plan. But with the House holding off on tax reform at least until 2014, Baucus could hold off on the panel's details.

Key congressional hearing topics this week include housing finance reform, the troubles surrounding the rollout of ObamaCare, government surveillance programs, and a hearing on virtual currency, notably the use of bitcoins.

The economic data calendar cranks up in the week ahead, with Wednesday the heaviest day for releases. Monday will open with the Housing Market Index with Tuesday bringing the Employment Cost Index. Wednesday’s slug of releases includes the Consumer Price Index, Retail Sales, Business Inventories, Existing Home Sales and then the FOMC minutes from the October meeting will be released as well. On Thursday, releases will include weekly Jobless Claims, Producer Price Index, the PMI Manufacturing flash and the Philadelphia Fed report. The week caps off with the Kansas City Fed survey. OF course, several Fed officials will be on tap and each one will be scrutinized for their views on the potential to taper the asset purchases. Monday will see the appearances from Boston Fed’s Rosengren, New York Fed’s Dudley, Philadelphia Fed’s Plosser and Minneapolis Fed’s Kocherlakota followed by Fed Chair Bernanke on Tuesday. Wednesday will see St Louis Fed’s Bullard speak with him again appearing on Thursday along with Gov. Powell. And the week wraps up with Friday remarks from KC Fed’s George and Gov. Tarullo. Beyond those appearances, markets will be watchful of more details on reforms coming out of China and any economic updates from Europe. But the market focus will remain squarely on assessing each piece of economic data for how it figures into the Fed’s next potential policy moves.

For agriculture, the weekly Crop Progress report focus will shift more and more to winter wheat with corn and soybean harvest about wrapped up. The Weekly Export Sales report still looms large on Thursday and things will wrap up with the monthly updates on Cold Storage and Cattle on Feed out that afternoon.

Monday, Nov. 18
Markets in Mexico are closed.
The World Economic Forum Summit on the Global Agenda
Federal Reserve: New York Federal Reserve Bank President William Dudley speech on regional and national economy, in Flushing, NY. Philadelphia Federal Reserve Bank President Charles Plosser speech on the economic outlook in Philadelphia. Minneapolis Federal Reserve Bank President Narayana Kocherlakota speech in Minneapolis.
Economic reports:
Selected Interest Rates (Federal Reserve) | Treasury International Capital | Housing Market Index
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Aquaculture Trade Data (ERS)

Tuesday, Nov. 19
President Obama will speak at the annual meeting of The Wall Street Journal's CEO Council.
Federal Reserve: Chicago Federal Reserve Bank President Charles Evans speech on the economy and monetary policy in Chicago. Federal Reserve Chairman Ben Bernanke speech in Washington to the Washington chapter of the NABE.
EU-Japan summit.
Housing finance: Committee hearing. Senate Banking, Housing and Urban Affairs Committee. Hearings on the topic continue on Nov. 21 and 22.
Robotic cars in transportation: Subcommittee hearing. House Transportation and Infrastructure — Subcommittee on Highways and Transit. security: Subcommittee hearing. House Energy and Commerce — Subcommittee on Oversight and Investigations.
Typhoon Haiyan response: Subcommittee hearing. Senate Foreign Relations — Subcommittee on East Asian and Pacific Affairs.
Virtual currencies: Subcommittee joint hearing. Senate Banking, Housing and Urban Affairs — Subcommittee on National Security and International Trade and Finance; Senate Banking, Housing and Urban Affairs — Subcommittee on Economic Policy.
Energy reports:
Weekly National Petroleum Report (API).
Economic reports: ICSC-Goldman Store Sales | Employment Cost Index
USDA reports: Meat Price Spreads (ERS) | Bioenergy Data (ERS) | Weekly Weather (WAOB) | Milk Production (NASS) | Fruit & Tree Nut Yearbook (ERS) | Cotton & Wool Yearbook Data (ERS)

Wednesday, Nov. 20
Federal Reserve: New York Federal Reserve Bank President William Dudley press conference on regional and national economy in New York. St Louis Federal Reserve Bank President James Bullard interview on the economy and monetary policy in Chicago.
Netanyahu visits Moscow: Israeli Prime Minister Benjamin Netanyahu pays a brief visit to Russia where he will meet President Vladimir Putin. In September, Russia raised alarm in the Middle East after apparently detecting a joint Israel and US missile test in the Mediterranean.
Treasury, International Trade Commission nominations: Committee hearing. Senate Finance Committee hearing to consider nominations of Sarah Bloom Raskin to be deputy secretary of the Treasury; Rhonda Schmidtlein to be a member, United States International Trade Commission.
Affordable care for seniors, disabled individuals: Subcommittee hearing. House Education and the Workforce — Subcommittee on Workforce Protections.
US-China Economic and Security Review Commission Report: Committee hearing. House Armed Services Committee.
Sequestration and rural schools: Committee hearing. House Natural Resources Committee.
Trade in the Asia-Pacific: Subcommittee hearing. Senate Foreign Relations — Subcommittee on East Asian and Pacific Affairs.
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 | Retail Sales | Business Inventories | Existing Home Sales | FOMC Minutes
USDA reports: Broiler Hatchery (NASS) | Catfish Feed Deliveries (NASS) | National Dairy Products Sales Report (AMS) | Announcement of Advanced Prices and Pricing Factors (AMS) | Catfish Processing (NASS) | Wheat Data (ERS) | Meat Price Spreads (ERS)

Thursday, Nov. 21
Federal Reserve: St Louis Federal Reserve Bank President James Bullard speech on the economy and monetary policy in Rogers, Arkansas. Federal Reserve Gov Jerome Powell speech on OTC derivative reform to Clearing House Association in New York. Richmond Federal Reserve Bank President Jeffrey Lacker speech on the economic outlook in Asheboro, North Carolina.
Beijing trade talks: Negotiations between EU and China are to start at a summit in Beijing to remove restrictions on foreign investment and to set clearer rules for business after months of trade disputes about Chinese solar panels and EU wine.
Oversight of surveillance agencies: Committee hearing. Senate Judiciary Committee.
Transportation nominations: Committee nomination hearing. Senate Commerce, Science and Transportation Committee hearing to consider several transportation nominations: Paul Jaenichen Sr. to be administrator of the Maritime Administration, Department of Transportation; Debra Miller to be a member of the Surface Transportation Board; Arun Kumar to be assistant secretary for trade promotion and director general of the US Foreign Commercial Service, International Trade Administration, Department of Commerce.
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.) | Producer Price Index | Phila. Fed Survey | PMI Mfg Index Flash
USDA reports: Export Sales (FAS) | Sugar: World Markets and Trade (FAS) | Livestock Slaughter (NASS) | Farm Labor (NASS)

Friday, Nov. 22
Federal Reserve: Kansas City Federal Reserve Bank President Esther George speech on bank supervision at Bank of France conference in Paris. Federal Reserve Gov. Daniel Tarullo speech on shadow banking to Economic Policy Institute in Washington.
Mexico central bank minutes due.
Moroccan king to meet President Obama: King Mohammed VI of Morocco meets US President Barack Obama at the White House, to strengthen their strategic partnership and to seek support for Morocco’s reform agenda, also to counter extremism, to support democratic transition and to promote economic development.
Healthcare coverage premiums: Committee field hearing. House Oversight and Government Reform Committee field hearing at Gaston Courthouse, Gastonia, N.C.
Economic reports: KC Fed Mfg Index
USDA reports: Cattle on Feed (NASS) | Peanut Prices (NASS) | Cotton Ginnings (NASS) | Chickens & Eggs (NASS) | Cold Storage (NASS)

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






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