The Week Ahead

FEDERAL BUDGET
      Monday, Feb. 23, 2 p.m. EST -- The Treasury Dept. will probably announce a 
      surplus of $22 billion in January, says the median forecast of economists 
      surveyed by Standard & Poor's MMS, a unit of The McGraw-Hill Companies. That's 
      bigger than the $13.4 billion windfall of January, 1997. The Clinton 
      Administration has predicted a $10 billion surplus for fiscal 1998.
      
      HUMPHREY-HAWKINS TESTIMONY
      Tuesday, Feb. 24 -- Federal Reserve Chairman Alan Greenspan will give his 
      semiannual testimony on monetary policy and the economic outlook before the 
      House of Representatives. He is scheduled to repeat his testimony before the 
      Senate on Feb. 25.
      
      CONSUMER PRICE INDEX
      Tuesday, Feb. 24, 8:30 a.m. EST -- Consumer prices of all goods and services 
      probably increased by just 0.1% in January, says the MMS forecast, the same as 
      in December. Excluding food and energy, core prices likely rose 0.2%, also as 
      in December. Beginning with this report, the Labor Dept. will introduce a new 
      geographic-area sample, revised categories, and updated expenditure weights.
      
      CONSUMER CONFIDENCE
      Tuesday, Feb. 24, 10 a.m. EST -- The Conference Board's index of consumer 
      confidence likely rebounded to 129.5 in February, after falling nine points in 
      January, to 127.3.
      
      DURABLE GOODS ORDERS
      Thursday, Feb. 26, 8:30 a.m. EST -- New orders for durable goods probably 
      increased 1% in January, after a drop in transportation equipment bookings led 
      a 6.1% plunge in December orders.
      
      GROSS DOMESTIC PRODUCT
      Friday, Feb. 27, 8:30 a.m. EST -- The MMS median forecast expects only a small 
      revision in economic growth in the fourth quarter. Real GDP likely grew at a 
      4.1% annual rate, instead of the 4.3% pace reported by the Commerce Dept. a 
      month ago.
      
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