The Federal Reserve’s interest-rate decision on Wednesday will be the main event during a week with several noteworthy earnings reports and investor days, as well as the latest economic data.
The Federal Open Market Committee ended a two-day meeting on Wednesday afternoon with a decision at 2 p.m. ET. Chairman Jerome Powell will hold a press conference after 30 minutes. The odds of a change in the futures market-implied federal-funds rate have skyrocketed following a series of bank crises. Going into the week, the odds were leaning towards a quarter-point increase.
Central-bank watchers will also be waiting for the Bank of England’s decision on Thursday. Back in Washington, Treasury Secretary Janet Yellen will testify before congressional subcommittees on Wednesday and Thursday. They are expected to discuss the recent turmoil at banks, President Joe Biden’s fiscal-2024 budget proposal and the latest on the US debt ceiling.
Companies reporting this week will include
on Wednesday, and
on all Thursdays. Investor meetings will be hosted by
on Wednesday, and
The week’s economic-data highlights fall on Friday: The Census Bureau releases the durable-goods report for February and S&P Global releases both its manufacturing and service purchasing managers’ indexes for March. There will also be data on the US housing market published earlier in the week.
Nike reports third quarter fiscal 2023 results.
Adobe, Nvidia, and
Organize investor meetings.
National Association of Realtors reports existing home sales for February. The consensus estimate is for a seasonally adjusted annual rate of additions of 4.2 million homes, up 200,000 from January. Existing home sales have fallen for 12 consecutive months to their lowest level in more than a decade, as rapidly rising mortgage rates have cooled the housing market.
Treasury Secretary Janet Yellen Appears before a Senate subcommittee to discuss President Joe Biden’s Fiscal-2024 budget proposal. She will testify before a House appropriations subcommittee on Thursday, with the debt-ceiling battle at the fore.
Chewy reports fourth quarter fiscal-2022 earnings.
Autodesk and Hershey held their 2023 Investor Days.
federal open market The committee announced its monetary-policy decision. Traders are pricing in a 75% chance that the FOMC will raise the federal-funds rate by a quarter percentage point to 4.75%-5.00%. Less than two weeks ago, after Fed Chairman Jerome Powell’s fiery testimony before the Senate, Wall Street was buzzing about whether the central bank would raise interest rates by a quarter or half a percentage point at this meeting. But the collapse of Silicon Valley Bank and Signature Bank caused historic volatility in the bond market, with yields falling at the fastest rate in four decades.
Accenture, Darden Restaurant,
FactSet Research Systems
and General Mills hold a conference call to discuss quarterly results.
Host investor meetings.
Altria Group and
Hold their Annual Investor Day.
bank of england Announces its monetary-policy decision. The market sees it as the flip of a coin whether the BOE will keep its bank rate unchanged at 4% or raise it by a quarter percentage point.
census Bureau Reports new home-sales data for February. Expectations are for a seasonally adjusted annual rate of 635,000 new homes, 35,000 fewer than earlier.
census Bureau Releases the durable-goods report for February. Economists forecast that new orders for manufactured durable goods would rise 0.6% from January to $274 billion. Excluding transportation, durable goods are witnessing an increase of 0.5%.
S&P Global Release Both its manufacturing and services purchasing managers’ indexes for March. The consensus call for Manufacturing is up for 47 readings
and 50.2 for service PMI. Both the figures roughly match the February figures as well.
write to Nicholas Jasinski at [email protected]