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.