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The Federal Reserve’s interest rate decision on Wednesday will be the main event for a week with several notable earnings reports and investor days in addition to the latest economic data.
The Federal Open Market Committee concludes a two-day meeting on Wednesday afternoon, with a decision expected by 2 pm ET. President Jerome Powell will hold a press conference 30 minutes later. The probabilities of futures market-implied changes in the federal funds rate fluctuated wildly after a series of banking crises. Earlier in the week, the odds were leaning towards a quarter point high.
Central bank watchers will also be awaiting a decision from the Bank of England on Thursday. Back in Washington, Treasury Secretary Janet Yellen will testify before congressional subcommittees on Wednesday and Thursday. She is expected to discuss the recent banking turmoil, President Joe Biden’s budget proposal for fiscal 2024 and the latest news on the US debt ceiling.
Companies reporting this week will include
Nike
on Tuesday,
chewy
on wednesday and
Accenture
,
darden restaurants
,
It is
General Mills
all on Thursday. Investor meetings will be organized by
Adobe
It is
nvidia
on Tuesday,
autodesk
on wednesday and
Altria
group and
chevron
On thursday.
The week’s economic data highlights will fall on Friday: The Census Bureau releases its February durable goods report and S&P Global releases its March manufacturing and services purchasing managers index. There will also be US housing market data released earlier in the week.
tuesday 03/21
Nike reports fiscal 2023 third quarter results.
Adobe, Nvidia and
Roper Technologies
hold investor meetings.
The National Association of realtors reports February sales of existing homes. The consensus estimate is for a seasonally adjusted annual rate of 4.2 million homes sold, 200,000 more than in January. Pre-owned home sales have fallen for 12 straight months to the lowest level in more than a decade as a sharp rise in mortgage rates has sent a chill to the housing market.
Wednesday, 03/22
Treasury Secretary Janet Yellen appears before a Senate subcommittee to discuss President Joe Biden’s fiscal 2024 budget proposal. She will testify on Thursday before a House appropriations subcommittee, with the debt ceiling battle at the forefront.
Chewy reports fiscal earnings for the fourth quarter of 2022.
Autodesk and Hershey keep their investor days in 2023.
The Federal Open Market Committee announces its monetary policy decision. Traders are pricing in a 75% chance that the FOMC will raise the federal funds rate by a quarter of a percentage point to 4.75%-5.00%. Less than two weeks ago, after Fed Chairman Jerome Powell’s aggressive testimony before the Senate, the discussion on Wall Street was 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 swings in the bond market, with yields falling at the fastest rate in four decades.
Thursday, 03/23
Accenture, Darden Restaurants,
FactSet Research Systems
,
and General Mills hold conference calls to discuss quarterly results.
chevron and
Elevation Health
hold investor meetings.
Altria Group and
genuine parts
keep your annual investor days.
The Bank of England announces its monetary policy decision. The market sees it as a coin toss whether the BOE will keep its bank rate unchanged at 4% or raise it by a quarter of a percentage point.
The Census Bureau reports new home sales statistics for February. Expectations are for a seasonally adjusted annual rate of 635,000 new homes sold, 35,000 less than previously.
friday 03/24
The Census Bureau releases February durable goods report. Economists forecast new orders for durable manufactured goods to rise 0.6% from January to $274 billion. Excluding transport, durable goods are up 0.5%.
S&P Global Launches the manufacturing and services purchasing managers’ indexes for March. The consensus call is for a 47 reading for Manufacturing
PMI
and 50.2 for the Services PMI. Both numbers are roughly tied with the February data.
write to Nicholas Jasinski at Nicholas.jasinski@barrons.com
