What to Watch: StL Fed Bullard, Fed Chair Powell, Weekly Claims

FI markets trading weaker, reversing midweek gains in front end as chances of two to three consecutive 50bp hikes starting May 4 pricing in.

• Scheduled Fed speakers (Blackout midnight Friday):
  • StL Fed Bullard on economy, monetary policy at 1230ET, Link: https://bcf.princeton.edu/events/pres-james-bullard/
  • Fed Chair Powell, ECB Pres Lagarde at IMF/global economy panel event at 1300ET
• Data on tap at 0830ET (prior, est):
  • Initial Jobless Claims (185k, 180k)
  • Continuing Claims (1.475M, 1.459M)
  • Leading Index (0.3%, 0.3%)
  • Philadelphia Fed Business Outlook (27.4, 21.7)
• Treasury supply:
  • US Tsy $35B 4W, $30B 8W bill auctions at 1130ET
  • US Tsy $20B 5Y TIPS auction (91282CEJ6) at 1300ET
• Stocks gaining (ESM2 +39.0 at 4494.5) extend late overnight high as earnings cycle continues, many beating estimates: AAL record 2Q revs on soaring demand, ATT EPS 0.77 vs. 0.69 est, Dow Inc. net income +$1.57B. After the close: PPG, XM, SAM, SVP, SNAP.
• Geopol risk: Market remains alert for developments on Russia war in Ukraine, knock-on effect to markets. US Pres Biden to deliver Ukraine-Russia Update at 0945ET: Biden is "set to announce plans to send additional military aid to help Ukraine fight back against the Russian invasion, according to a U.S. official." AP.