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Interest Rates, Bernanke Speaks and Govt. Shutdown Looms—Advisor Briefing for the Week of April 4, 2011

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Following the report from the Labor Dept. on Friday, April 1, of another jump in jobs created and a decrease in the unemployment rate in March, this week brings a rash of interest rate decisions around the globe and the release of the FOMC minutes from March.

Friday, April 8 is the latest date for a possible government shutdown as the latest Congressional Continuing Resolution (CR) expires. Several groups are working on a budget fix, including a Republican initiative led by Rep. Paul Ryan (R-Wisc.) and the 'Gang of Six' senators who are working off President Obama's deficit reduction commission's recommendations.

Fed Chairman Ben Bernanke delivers a much-anticipated speech on Monday, the Senate is scheduled to take up repeal of what many consider the onerous new 1099 reporting requirements on Tuesday, while congressional hearings include a look at the role of the accounting profession in averting a future financial crisis.

All times are Eastern.

Monday, April 4

12:00 PM:       House of Representatives convenes.

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

7:15 PM:        Fed Chairman Bernanke speaks at the Atlanta Federal Reserve Bank Financial Markets Conference in Stone Mountain, Ga.

Tuesday, April 5

7:00 AM:         Bill Gates appears in Strasbourg, France, to discuss development issues and the experience of his Gates Foundation before the European Parliament’s Development Committee.

10:00 AM:      The Non-Manufacturing Index is released by the Institute for Supply Management.

11:00 AM:      The Senate convenes; first order of scheduled business: consideration of HR 4, which would repeal the $600 1099 reporting requirement.

2:00 PM:        March minutes of the FOMC meeting released by the Federal Reserve.

Wednesday, April 6

7:00 AM:         New mortgage applications released by Mortgage Bankers Assoc.

9:30 AM:         A hearing on the role of the accounting profession in preventing another financial crisis by the Senate Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment.

10:30 AM:      Weekly EIA Petroleum Status report from the U.S. Dept of Energy Information Administration.

3:00 PM:         A hearing on the state of community banking by the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection.

Thursday, April 7

7:00 AM:         Interest rate announcement from the Bank of England.

7:45 AM:         Interest rate announcement from the European Central Bank.

8:30 AM:         Weekly new unemployment insurance claims from the Labor Dept.

12:00 PM:       Interest rate announcement from the Bank of Japan.

3:00 PM:         Consumer credit report for February is released by the Federal Reserve.

Friday, April 8

8:00 AM           Dennis Lockhart, president of the Atlanta Fed, will speak at the University of Tennessee-Knoxville's Economics Forum.

10:00 AM:      February wholesale trade numbers released by the Census Bureau.

TBA:              The U.S. government faces a possible shutdown as the latest Congressional budget Continuing Resolution is due to expire..