The Week Ahead: Nov. 7-13, 2016

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U.S. election day arrives Tuesday, November 8, with the latest surprising development happening Sunday.

Federal Bureau of Investigation Director James Comey on Sunday said that no new evidence has been found to warrant charges against Hillary Clinton in the investigation stemming from her use of a private email server while in government. Comey said the bureau stands by its July decision not to recommend charges against Clinton or her aides for potential loss or mishandling of classified material. That along with Tuesday ballots will bring to a close one of the most amazing campaigns in most peoples’ lifetimes.

Key will not just be who will occupy the White House, but who will have control of the U.S. Senate. Leading up to Tuesday, polls will still be attention-getters and then post-election, the polls could still be in focus if they miss the mark compared to the actual results. For Congress, the post-election period will see the attention on who will lead the various committees and how the election results will impact the coming post-election lame duck session of Congress.

A light economic report week is on tap, with no “major” economic reports due out. The week opens with the Labor Market Conditions Index and Consumer Credit data today, followed by Wholesale Trade on Wednesday and the weekly Jobless Claims and monthly Treasury Budget update on Thursday. The week closes out with Consumer Sentiment on Friday. China data remains a focus for markets even as the US elections seem to have become the focal point for many global markets. Crude oil markets remain focused on the prospects for OPEC nations to agree on details of cutting production even though the meeting on that subject will not take place until November 30.

Fed officials on the schedule will be watched for how they sum up the October Employment data and whether it meets the definition of “some” additional improvement in the US economy. But the overarching attention remains on what these officials say relative to the prospect for an increase in the range of the Fed funds rate in December. Those on tap to deliver remarks include Chicago Fed’s Evans (2017 voter) who will mark remarks on Monday and twice on Tuesday. Wednesday’s schedule includes Minneapolis Fed’s Kashkari (2017 voter) and San Francisco Fed’s Williams (2018 voter) with St Louis Fed’s Bullard (current voter) delivering comments on Thursday.

Wednesday is the focal point for agriculture as that brings the monthly updates from USDA. The Crop Production report will feature the final updates of the calendar year on US corn and soybean production while the Supply/Demand report will be watched for how USDA adjusts carryover levels for corn, soybeans, wheat and cotton. Otherwise, attention will be on the export side in particular, putting even more focus on the weekly Grain Inspections report today and the Weekly Export Sales report on Thursday. Today’s Crop Progress focus will continue mostly on winter wheat condition ratings and planting progress, but corn and soybean harvest progress also will be a watch point for traders.

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