More testimony from Fed Chairman Ben Bernanke, along with U.S. January existing home sales, are likely to dominate the day's economic events. However, the U.S. Department of Energy's weekly oil inventories and the U.S. Treasury selling $32 billion in five-year notes may also garner some attention.
At 10 a.m. EST, the National Association of Realtors (NAR) will release existing home sales for January, which are expected to total 4.79 million after a 4.74 million level in the month prior. The expected gains would amount to a 1.1% month-over-month increase following a 6.5% gain in December.
Day two of the "Humphrey Hawkins" testimony kicks off with Fed Chairman Ben Bernanke testifying before the House of Representatives. On Tuesday, the Fed Chief dispelled fears of bank nationalization before the Senate. The event starts at 10 a.m. EST, but emphasis will be on the Q&A given that Bernanke will likely repeat his opening remarks.
At 10:30 a.m. EST, the U.S. Department of Energy will release oil inventories for the week ending Feb. 20. Economists are expecting a 1250k build in crude oil reserves following the previous 138k decline. Gasoline inventories are expected to come in flat following the previous 1105k build. Distillate inventories are expected to fall 1200k after declining 813k in the previous week. Refinery utilization is expected to decrease 0.10% after expanding 0.72% in the previous week.
At 12:30 p.m. EST, Bank of England Monetary Policy Committee member David Blanchflower will speak at the University of Stirling in Scotland.
At 1 p.m. EST, the U.S. Treasury will sell $32 billion in five-year notes.
10:00 US Existing Home Sales January Exp: +4.79M Prior: +4.74M
10:00 US Existing Home Sales (M/M) January Exp: +1.1% Prior: +6.5%
10:00 US Bernanke Gives Monetary Policy Report Before House Panel W/E Feb 20
10:30 US DOE U.S. Crude Oil Inventories W/E Feb 20 Exp: +1250k Prior: -138k
10:30 US DOE U.S. Gasoline Inventories W/E Feb 20 Exp: 0k Prior: +1105K
10:30 US DOE U.S. Distillate Inventory W/E Feb 20 Exp: -1200k Prior: -813K
10:30 US DOE U.S. Refinery Utilization W/E Feb 20 Exp: -0.10% Prior: +0.72%
12:30 GB Bank of England's Blanchflower to speak
13:00 US Treasury to Sell $32B 5-Year Notes
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009