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Monday Data Roundup: Chicago PMI; Powell Mon-Pol Testimony Later in Wk

OUTLOOK
  • US Data/Speaker Calendar (prior, estimate)
  • Feb-28 0830 Advance Goods Trade Balance (-$100.5B rev, -$99.3B)
  • Feb-28 0830 Wholesale Inventories MoM (2.02%, 1.3%)
  • Feb-28 0830 Retail Inventories MoM (4.4%, --)
  • Feb-28 0945 MNI Chicago PMI (65.2, 62.3)
  • Feb-28 0830 Dallas Fed Manf. Activity (2.0, 2.5)
  • Feb-28 1030 Atlanta Fed Bostic, moderated virtual discussion, Q&A
  • Feb-28 1130 US Tsy $60B 13W, $51B 26W bill auctions
  • Later next week: Fed Chair Powell will be giving the semi-annual monetary policy report testimony to the House Financial Services Committee on Weds March 2 and the Senate Banking Committee on Thu March 3 - 1000ET/1500GMT in each case.
    • This is likely to be the "last word" from senior leadership ahead of the March 15-16 FOMC meeting, with the media blackout beginning at midnight end-day Friday March 4.
    • Though of course the post-Powell, pre-FOMC data could have a bearing on the March decision: Feb nonfarm payrolls out March 4 (leaving less than a day afterwards for Fed participants to speak before the blackout period starts), and Feb CPI on March 10.

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