The Week Ahead: Nov. 7-13, 2011

November 7, 2011 01:29 AM
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via a special arrangement with Informa Economics, Inc.

Farm bill details | Surface transportation | USDA reports | APEC

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

The Senate returns but the House is on another recess, but plans to hold pro forma sessions on Nov. 7 and Nov. 10.

The Senate will consider legislation (HR 674) which would repeal a 3 percent withholding requirement on some payments to government contractors. The bill would repeal a 2005 law requiring the federal and state governments, as well as some large local ones, to withhold 3 percent of payments of more than $10,000 to contractors. The House passed its bill Oct. 27 on a 405-16 vote. The Obama administration has noted support for the measure, but Senate Majority Leader Harry Reid (D-Nev.) said he intends to modify the House-passed legislation because Democratic senators do not like the offset used to pay for the measure.

Senators also could consider separate resolutions expressing congressional disapproval of regulations issued by the Federal Communications Commission and the Environmental Protection Agency (EPA). The resolution involving EPA (SJRes. 27) involves a rule that relates to the mitigation by the states of cross-border air pollution under the Clean Air Act.

A markup of the surface transportation bill unveiled late Nov. 4 is set for Nov. 9 in the Senate Environment and Public Works Committee. Members are expected to approve the bill. An issue will be budget offsets – the Finance Committee still has not publicly identified any offsets -- it does not detail how to fill the $12 billion gap between revenue from the 18.4 cents-per-gallon US gasoline tax, which raises money for these programs, and the amount needed to maintain spending over that period.

On the agriculture policy front, word is still awaited on whether or not Agriculture panel leaders have agreed to details of proposed $23 billion in farm bill-related cuts relative to the Super Committee's intent to find at least $1.2 trillion in debt reduction over ten years.

USDA reports of note this week include Wednesday's release of the Crop Report and World Agricultural Supply and Demand Estimates.

President Obama this week will host the Asia-Pacific Economic Co-operation (APEC) group of 21 countries in Honolulu, Hawaii (until November 13). This includes meetings of finance ministers, economic leaders and chief executives.

This week's Washington-related agenda: The agenda for Senate committees features hearings on natural gas, transportation safety, health care, and unemployment insurance.

Monday, Nov. 7

Finance ministers from the EU, the 17 EU nations whose currency is the euro, discuss in Brussels the continuing crisis.
reports on its trade balance.
US finance rules: The impact of Dodd-Frank regulation on the financial industry, together with the future for markets, the economy and derivatives, are discussed at the annual meeting of the US Securities Industry and Financial Markets Association in New York.
Economic reports: Selected Interest Rates (Federal Reserve) | Consumer Credit.
USDA reports:
Export inspections (AMS) | Crop Progress (NASS).

Tuesday, Nov. 8

Election Day: United States.
EU finance ministers meet: European Union finance ministers meet in Brussels for talks on the euro zone crisis, including the planned financial transaction tax and monitoring of states’ macroeconomic imbalances.
APEC: The Asia-Pacific Economic Co-operation (APEC) group of 21 countries holds its Leaders Week in Honolulu, Hawaii (until November 13). This includes meetings of finance ministers, economic leaders and chief executives.
Outlook for oil: OPEC, the group of oil producing countries, presents its annual World Oil Outlook publication and the 2010-11 Annual Statistical Bulletin, at its Vienna headquarters.
SEC: The Securities & Exchange Commission (SEC) convenes a round table on uncertainty in financial statements.
Natural gas exports: Committee hearing. Senate Energy and Natural Resources Committee to consider market developments for US natural gas, including the approval process and potential for liquefied natural gas exports.
Energy reports: Weekly National Petroleum Report (API)
Economic reports: ICSC-Goldman Store Sales

Wednesday, Nov. 9

GOP presidential candidate debate:
The Republican presidential candidate debate will take place at at Oakland University in Michigan to discuss their plans for the economy.
China reports
on CPI, PPI, retail sales and industrial production.
Federal Reserve:
Chairman Ben Bernanke speaks at a Washington small business conference.
Surface transportation bill:
Committee markup. Senate Environment and Public Works Committee will mark up a two-year surface transportation authorization extension bill.
Energy outlook:
The annual World Energy Outlook is published by the International Energy Agency. The publication presents data and analysis on global energy markets for the next 25 years.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA) | Monthly oil market report (EIA) | OPEC monthly oil market report.
Economic reports: Weekly mortgage applications (Labor Dept.) | Wholesale Trade.
USDA reports: Crop Production (NASS) | World Agricultural Supply and Demand Estimates (ERS) | Cotton Ginnings (NASS) | Cotton: World Markets and Trade (FAS) | World Agricultural Production (FAS) | Oilseeds: World Markets and Trade (FAS) | Grains: World Markets and Trade (FAS) | Season-Average Price Forecasts (ERS) | Broiler Hatchery (NASS).

Thursday, Nov. 10

Bank of England is expected to hold interest rates steady.
Portugal's Parliament begins debate on the 2012 budget.
EU economic forecasts: The European Commission in Brussels publishes its autumn economic forecasts for gross domestic product, inflation, employment and public finances for all 27 EU countries.
IMF: The International Monetary Fund (IMF) holds a conference on monetary policy.
Central bank role: The two-day International Banking Conference in Chicago considers the role of central banks in securing financial stability. The conference is led by the Federal Reserve Bank of Chicago and the European Central Bank.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads).
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 | International Trade | Treasury Budget | Import and Export Prices
USDA reports: Grain Transportation Report (AMS) | Export Sales (FAS) | Dairy Products Prices (NASS) | Peanut Prices (NASS) Latest US Agricultural Trade Data (ERS) | Oil Crops Outlook (ERS) | Rice Outlook (ERS).

Friday, Nov. 11
Veteran's Day: Bond market, government is closed.
Federal Reserve: Vice Chair Janet Yellen will speak at a Chicago Fed conference.
Economic reports: Consumer Sentiment.

Sunday, Nov. 13
North American summit: President Barack Obama hosts Stephen Harper, prime minister of Canada, and President Felipe Calderon of Mexico at the North American Leaders’ Summit in Honolulu, Hawaii.

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






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