Some top tier macroeconomic data for the United States, including durable goods and new home sales, coupled with some high profile Fed and government speakers will make for a busy day in terms of economic events.
The 8:30 a.m. EDT release of the U.S. durable goods report for February will likely be the highlight of the day, with economists expecting headline durable goods to decline 2.5% month-over-month following a 4.5% decline in January, and durable goods excluding transportation to fall 2.0% after a 3.0% contraction previously. Non-defense capital goods excluding aircraft are expected to fall 2.3% following January's 5.7% decline.
At 10 a.m. EDT, Fed Governor Elizabeth Duke will deliver testimony to the House Financial Services Committee on bank regulation in the U.S.
Also at 10 a.m. EDT, the U.S. Commerce Department will release new home sales for February, which economists expect will decline to 300k from 309k previously, for a 2.8% month-over-month contraction. In January, new home sales fell 10.2%.
At 10:30 a.m. EDT, the U.S. Energy Information Administration will release oil inventories for the week ending March 20. Economists are expecting a 1100k build in crude oil reserves following the previous 1942k gain. Gasoline inventories are expected to come in lower by 650k following the previous 3195k pickup. Distillate inventories are expected to fall 100k after increasing 112k in the previous week. Refinery utilization is expected to come in flat after coming in 0.57% lower in the previous week.
At 12:20 p.m. EDT, Federal Reserve Bank of Cleveland President Sandra Pianalto will speak in Maumee, Ohio on economic recovery.
At 1 p.m. EDT, the U.S. Treasury will sell $34 billion in 5-year notes.
Also at 1 p.m. EDT, Federal Reserve Bank of San Francisco President Janet Yellen will speak in New York on the U.S. economy and Fed policy.
Schedule
8:30 US Durable Goods Orders February Exp: -2.5% Prior: -5.2% Revised: -4.5%
8:30 US Durables Ex Transportation February Exp: -2.0% Prior: -2.5% Revised: -3.0%
10:00 US New Home Sales February Exp: +300K Prior: +309K
10:00 US New Home Sales (M/M) February Exp: -2.9% Prior: -10.2%
10:30 US DOE U.S. Crude Oil Inventories W/E March 20 Exp: 1100k Prior: +1942K
10:30 US DOE U.S. Gasoline Inventories W/E March 20 Exp: -650K Prior: +3195K
10:30 US DOE U.S. Distillate Inventory W/E March 20 Exp: -100K Prior: +112K
10:30 US DOE U.S. Refinery Utilization W/E March 20 Exp: 0.00% Prior: -0.57%
12:20 US Fed's Pianalto Speaks in Maumee, Ohio, on Economic Recovery
13:00 US Fed's Yellen Speaks in New York on U.S. Economy, Policy
13:00 US Treasury to Sell $34B 5-Year Notes
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009