Fed, BOE, BOJ Rates; U.S. Delegate Haul: Week Ahead March 14-19

Has ECB, BOJ Set the Tone for Fed’s Next Move?
  • Oracle, FedEx, Adobe, Valeant, Lufthansa release earnings
  • China premier gives annual briefing; Osborne presents budget

Federal Reserve policy makers convening in Washington are expected to keep their benchmark interest rate unchanged as they assess how recent turbulence in global financial markets has affected their forecasts for unemployment and inflation. Follow the TOPLive blog for real-time coverage here.

The Bank of England and the Bank of Japan also set interest rates, while the Swiss National Bank gives its quarterly policy assessment.

In U.S. economic data for February, separate reports probably will show that retail sales cooled, housing starts rebounded and consumer prices held below the Fed’s goal.

With elections in Florida, Illinois, Missouri, North Carolina and Ohio, the number of delegates awarded to date in the U.S. presidential race will exceed half of the total.

China’s National People’s Congress in Beijing concludes on March 16.

Companies releasing earnings include Oracle Corp., FedEx Corp., Deutsche Lufthansa AG and Valeant Pharmaceuticals International Inc.

The U.S. National Collegiate Athletic Association men’s basketball tournament begins and international rugby’s Six Nations tournament reaches round four.

Monday, March 14

-The American Bankers Association holds its Government Relations Summit in Washington. Speakers include Richard Shelby, the Alabama Republican who is Senate Banking Committee chairman, and Texas Republican Jeb Hensarling, chairman of the House Financial Services Committee. Through March 16.

-Evan Siddall, president and CEO at Canada Mortgage & Housing Corp., speaks at a roundtable luncheon on housing market risks and CMHC’s stability role. 12:00 in Calgary (14:00 EDT).

-European Union foreign ministers discuss the Syrian civil war and relations with Russia and Iran. 10:00 CET in Brussels (05:00 EDT).

-German Chancellor Angela Merkel addresses an international conference on fighting anti-Semitism at 15:00 CET in Berlin (10:00 EDT).

-The Organization of Petroleum Exporting Countries publishes its monthly oil market report.

-U.S. government bond auctions, Fed debt purchases. Click here for the schedule.

-U.S. initial public stock offerings. Click here for the schedule.

-CENTRAL BANKS: Rate decisions in Mozambique, Kazakhstan.

-ECONOMY: Hong Kong industrial production,  PPI (4Q), Japan machine orders (Jan.), euro-zone industrial production (Jan.), Czech retail sales (Jan.).

Tuesday, March 15

-The Bank of Japan announces its interest-rate policy after a two-day meeting. Most economists expect no change after the introduction of negative rates in January. Central bank Governor Haruhiko Kuroda will hold a press conference afterward. The media event begins at 15:30 in Tokyo (02:30 EDT).

-The U.S. Democratic and Republican presidential hopefuls will vie in primaries in Florida, Illinois, Missouri, North Carolina and Ohio. Click here for Bloomberg’s delegate tracker.

-Argentina’s lower house votes on a bill that would repeal several debt laws, approve an agreement with holdout creditors and allow for the issuance of as much as $12 billion of bonds to settle with investors. Timing to be determined.

-The European Investor Forum for Energy Leaders is held in London. Speakers include the chief financial officers at RWE AG and Iberdrola SA. Through March 17.

-Representatives from Google X, General Motors, Lyft and others will testify before the U.S. Senate Commerce Committee’s hearing on self-driving cars. A live video of the hearing will be available here.

-U.S. retail sales probably cooled in February as motor vehicle purchases eased and lower gasoline prices limited service station receipts, economists project the Commerce Department to report. 08:30 in Washington.

-The NCAA college basketball tournament begins at sites around the U.S. Click here to fill out a bracket with Bloomberg Tradebook.

-U.K. Home Secretary Theresa May speaks during debate in the House of Commons on a surveillance bill that would let intelligence hack phones and computers and examine browsing histories with the permission of a judge. About 12:45 in London (08:45 EDT).

-CENTRAL BANKS: Australia minutes.

-ECONOMY: U.S. producer price index (Feb.), U.S. Empire State manufacturing (March), U.S. NAHB homebuilder sentiment (March), U.S. business inventories (Jan.), U.S. Treasury net international capital flows (Jan.), Turkey unemployment rate (Dec.), Israel CPI (Feb.), France CPI (Feb.), Italy inflation (Feb.), Czech industrial output (Jan.), Poland CPI (Feb.), Poland trade balance (Jan.)

-EARNINGS: Oracle Corp., Valeant Pharmaceuticals International Inc., Gerdau SA, CEZ AS, GMK Norilsk Nickel OJSC, Antofagasta Plc, Evraz Plc, Legal & General Group Plc

Wednesday, March 16

-The Federal Open Market Committee releases its policy statement along with updated quarterly forecasts for the U.S. economy and the appropriate path of interest rates from individual FOMC officials. Most analysts surveyed by Bloomberg expect the target range for the benchmark federal funds rates to stay unchanged at 0.25 percent to 0.50 percent. 14:00 in Washington. Fed Chair Janet Yellen will hold a press conference at 14:30.

-China Premier Li Keqiang gives his only press conference of the year as the National People’s Congress ends. The briefing will be his chance to soothe investors’ fears about currency and stock-market volatility, and explain a 2016 plan that suggests China will focus on sustaining growth instead of addressing its debt load.

-U.K. Chancellor of the Exchequer George Osborne presents his annual budget in a speech to the House of Commons. Along with announcing tax and spending changes, he’ll give new growth and deficit forecasts starting at 12:30 in London (08:30 EDT).

-The U.S. consumer price index probably retreated in February from a month earlier on the heels of declining fuel costs. The change in the measure over the last 12 months probably shows inflation continues to hold below the goal of Fed policy makers. The Labor Department will issue the figures at 08:30 in Washington.

-Housing starts in the U.S. probably rebounded in February, economists project the Commerce Department to report. 08:30 in Washington.

-The U.S. Energy Information Administration releases its oil inventory report. 10:30 in Washington.

-Bloomberg Survey of Analysts expectations on natural gas in storage is published at 12:00 EDT.

-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. industrial production (Feb.), South Korea unemployment (Feb.), South Africa retail sales (Jan.), U.K. unemployment and average earnings (Nov.-Jan.), Russian weekly CPI (March 14), Russia industrial production (Feb.).

-EARNINGS: FedEx Corp., JBS SA, Finmeccanica SpA.

Thursday, March 17

-The Bank of England sets interest rates. Officials are expected to mark the seventh anniversary of record-low borrowing costs by keeping the benchmark rate at 0.5 percent. Noon in London. (08:00 EDT.)

-The Swiss National Bank’s gives a quarterly policy assessment. The central bank’s deposit rate is at a record low of minus 0.75 percent. The SNB will also issue growth and inflation forecasts. 09:30 CET in Zurich (04:30 EDT).

-Rio de Janeiro Mayor Eduardo Paes will host a conference with other mayors and sponsors about the 2016 Summer Olympic games and development amid concern that some infrastructure won’t be ready by the time the event begins Aug. 5. (08:00 EDT).

-EU leaders and Turkish Prime Minister Ahmet Davutoglu meet to discuss a plan for stemming the flow of migrants into Europe. The forum begins at 15:00 CET in Brussels (10:00 EDT) and continues on Friday.

-Britain’s independent Institute for Fiscal Studies presents its analysis the budget submitted by Chancellor of the Exchequer George Osborne. 13:00 in London (09:00 EDT).

-The U.S. Energy Information Administration releases its weekly natural gas inventory report. 10:30 in Washington.

-Bank of Japan Governor Haruhiko Kuroda speaks at a central bank forum on the settlements system at 15:30 in Tokyo (02:30 EDT).

-Bloomberg Survey of Analysts may show bearishness about Nymex natural gas prices. Published at 12:00 EDT.

-CENTRAL BANKS: Rate decisions in Chile, Indonesia, South Africa, Egypt, Serbia.

-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. current account balance (4Q), U.S. Philadelphia Fed business outlook (March), U.S. job openings and labor turnover (Jan.), U.S. leading economic indicators index (Feb.), Hong Kong unemployment rate (Feb.), Japanese trade data (Feb.), New Zealand GDP (4Q), Australian jobs data (Feb.), Nigeria CPI (Feb.), euro-zone CPI (Feb.), Poland retail sales (Feb.).

-EARNINGS: Adobe Systems Inc., Alrosa PAO, Telecom Italia SpA, HeidelbergCement AG, Deutsche Lufthansa AG.

Friday, March 18

-The Federal Reserve Bank of New York will host a conference on “Supervising Large, Complex Financial Institutions: Defining Objectives and Measuring Effectiveness." New York Fed President William Dudley will deliver opening remarks at 09:00 EDT. Federal Reserve Bank of Boston President Eric Rosengren speaks on a panel at 11:00. Click here for agenda.

-The president of the Federal Reserve Bank of St. Louis, James Bullard, delivers a presentation at a conference organized by the International Research Forum on Monetary Policy. 19:30 in Frankfurt (14:30 EDT).

-German Finance Minister Wolfgang Schaeuble, a key architect of policy in the euro area, takes part in a panel discussion with Bloomberg TV’s Francine Lacqua at the Brussels Forum at 15:30 CET (10:30 EDT).

-Colombia policy makers will probably raise the key interest rate for a seventh straight meeting to 6.5 percent with inflation more than twice policy makers’ target. 13:00 in Bogota (14:00 EDT).

-The U.S. Commodity Futures Trading Commission issues its weekly report on futures and options positions for oil. 15:30 EDT in Washington.

-The Baker Hughes U.S. oil-and-gas rig count is released. 12:00 in Houston. (13:00 EDT).

-CENTRAL BANKS: Rate decisions in Mexico, Russia.

-ECONOMY: U.S. Michigan consumer sentiment index (March prelim.), Chile GDP (4Q).

-EARNINGS: Tiffany & Co., Aluminum Corp. of China Ltd., Assicurazioni Generali SpA.

-SOVEREIGN RATING UPDATES: Armenia (Moody’s), Austria (S&P), Cyprus (Moody’s & S&P), Denmark (S&P), Estonia (Moody’s), Ethiopia (Moody’s), Finland (S&P), Hungary (S&P), Italy (DBRS), Lithuania (S&P), Luxembourg (S&P), Nigeria (S&P), Portugal (S&P), Russia (S&P), Qatar (Moody’s), Serbia (Moody’s), Sweden (Fitch), Zambia (S&P).

Saturday, March 19

-No scheduled events.


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