May 9, 2011

Is Inflation on the Way? Advisor Briefing for the Week of May 9, 2011

Last week the big economic news had to do with employment: the jobless rate edged up in April as more jobs were being created and more people looked for work. This week the focus will be on inflation, with reports on producer prices and consumer prices on Thursday and Friday. In his first-ever press conference as Federal Reserve chairman on April 27, Ben Bernanke said the Fed will continue with policies to support “sustainable” economic growth while it will continue to “closely watch” inflation. The Congress holds hearings on everything from implementing Dodd-Frank—including testimony from Bernanke and Mary Schapiro on Thursday before a Senate panel—to whether there should be a constitutional amendment to address the federal deficit. And it’s not even election season yet. Or is it?

Overseas this week, China has a big economic reporting day on Tuesday, including its trade balance, PPI and CPI, while on Wednesday the European Parliament takes a run at the latest in the debt crisis for the continent.  At home, pray for all those college students in the middle of finals.

Monday, May 9

U.S. House of Representatives is not in session.

Jury resumes its deliberations in Galleon hedge fund insider-trading case in New York

2:00 PM:              U.S. Senate convenes for morning business.

Tuesday, May 10

8:30 AM:              April export and import prices from the Department of Labor.

10:00 AM:            Wholesale business inventories from the Census Bureau.

China trade balance, retail sales, industrial production, producer and consumer price indexes

10:00 AM:            Hearings to review the Financial Crisis Inquiry Commission’s final report, Senate Banking, Housing, and Urban Affairs Committee.

10:00 AM:            Hearings to examine perspectives on deficit reduction, focusing on Social Security, Senate Finance Committee.

12:00 PM:            U.S. House of Representatives convenes.

12:30 PM:            Hearing on the “The Future of Capital Formation” by House Committee on Oversight and Government Reform

Vice President Joe Biden resumes congressional budget talks.

2:00 PM:             Open meeting on regulation of money market funds at the SEC.

Wednesday, May 11

7:00 AM:              Mortgage purchase Index from Mortgage Bankers Assn.

8:30 AM:              March trade balance data from the Commerce Dept.

9:00 AM:              Latest developments on European debt crisis at the European Parliament Plenary Session.

10:00 AM:            Hearing on Monetary Policy and the Debt Ceiling: Examining the Relationship Between the Federal Reserve and Government Debt, House Committee on Financial Services: Domestic Monetary Policy & Technology Subcommittee.

10:30 AM:            Crude oil Inventories from the U.S. Energy Information Administration.

2:00 PM:              Hearing: Transparency As An Alternative To The Federal Government's Regulation Of Risk Retention, House Committee on Oversight and Government Reform, Subcommittee on TARP and Financial Services.

2:00 PM:              Hearing: Legislative Proposals to Address the Negative Consequences of the Dodd-Frank Whistleblower Provisions, Committee on Financial Services, House Capital Markets & Government Sponsored Enterprises Subcommittee.

Thursday, May 12

8:30 AM:              Initial jobless claims from the Department of Labor.

8:30 AM:              April producer price index (PPI) from the Labor Department.

8:30 AM:              April retail sales from the Census Bureau.

9:45 AM:              Hearing to examine the middle class, focusing on whether the American dream is slipping out of reach for American families, Senate Health, Education, Labor, and Pensions (HELP) Committee.

10:00 AM:            Hearing to examine Dodd-Frank implementation, featuring Fed Chairman Ben Bernanke and SEC Chairman Mary Schapiro, focusing on monitoring systemic risk, Senate Banking, Housing and Urban Affairs Committee.

2:00 PM:              Hearing to examine need for national mortgage servicing standards, Senate Banking, Housing and Urban Affairs Subcommittee on Housing, Transportation and Community Development.

Friday, May 13

Euro Zone, French, German GDP

8:30 AM:              April consumer price index (CPI) from the Labor Dept.

9:55 AM:              University of Michigan/Thomson Reuters consumer sentiment index.

10:00 AM:            Hearing on Whether the Constitution Should be Amended to Address the Federal Deficit, House Committee on the Judiciary, Subcommittee on the Constitution.

3:00 PM:              Last possible vote for the week in U.S.House of Representatives.

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