Semi-annual testimony from Feb Chairman Ben Bernanke and February U.S. consumer confidence are likely to be among the dominant events on Tuesday. Markets will also receive two housing reports from S&P/Case Shiller and the FHFA, and a $40 billion auction of U.S. two-year Treasury notes.
At 9 a.m. EST, S&P and Case Shiller will release the U.S. December house price report. Economists expect prices to contract 18.3% compared to 12 months ago. In November, prices fell 18.18% on the year. The consensus also sees a 17.2% annual contraction in house prices for Q4 versus Q3's 16.6% fall.
U.S. consumer confidence is back in focus on Tuesday with the Conference Board expected to release its February index at 10 a.m. EST. Expectations are for the headline index to decline to a new all-time low of 35.0 from 37.7. Also of note will be the current conditions and expectations indexes, which were 29.9 and 43.0 respectively in January, along with one-year inflation expectations, which declined to 5.6% last month.
At 10 a.m. EST, the Federal Housing Finance Agency will release the house price index for December. House prices are expected to fall 1.7% month-over-month, against a 1.8% drop in November. The consensus also sees a 2.0% quarterly contraction in house prices for Q4 versus Q3's 1.8% fall.
Also at 10 a.m. EST, the Federal Reserve Bank of Richmond will release its February manufacturing index. The index is expected to come in at -47 compared to January's -49 result.
At 10 a.m. EST, Federal Reserve Chairman Ben Bernanke will give his semi-annual testimony before the U.S. Senate.
At 11:30 a.m. EST, Federal Reserve Bank of Dallas President Richard Fisher will speak in Rhode Island on the financial crisis.
Also at 11:30 a.m. EST, the U.S. will sell 4-week bills.
At noon EST, Federal Reserve Governor Elizabeth Duke will speak on Community Reinvestment in Washington.
At 1 p.m. EST, the U.S. will sell $40 billion in 2-year notes.
At 5 p.m. EST, ABC will release its consumer comfort index for the week ending Feb. 22. Expectations are for an increase to-48 from -49 previously.
9:00 US S&P/CaseShiller Home Price Index December Prior: +154.59
9:00 US S&P/CasShiller Composite-20 (Y/Y) December Exp: -18.3% Prior: -18.18%
9:00 US S&P/CaseShiller US HPI (Y/Y) Q4 Exp: -17.2% Prior: -16.6%
10:00 US Consumer Confidence February Exp: +35.0 Prior: +37.7
10:00 US House Price Index (M/M) December Exp: -1.7% Prior: -1.8%
10:00 US Richmond Fed Manufacturing Index February Exp: -47 Prior: -49
10:00 US House Price Purchase Index (Q/Q) Q4 Exp: -2.0% Prior: -1.8%
10:00 US Federal Reserve Chairman Bernanke Testifies Before Senate
11:30 US Fed's Fisher Speaks in Rhode Island on Financial Crisis
11:30 US Treasury to Sell 34 B in 4-Week Bills
12:00 US Fed's Duke Speaks on Community Reinvestment Act in Washington
13:00 US Treasury to Sell $40B in 2-Year Notes
17:00 US ABC Consumer Confidence W/E Feb 22 Exp: -48 Prior: -49
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009