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What to Watch: ADP, ISMs Ahead Afternoon FOMC

US TSYS

Tsys firmer, off overnight's highs for the week where 30YY tapped 3.5903% low, yield curves flatter (2s10s -1.774a t -71.615) as mkt awaits first FOMC policy annc of 2023 at 1400ET followed by press conference with Chairman Powell at 1430ET (next Summary of Economic Projections at the Mar 21-22 FOMC).

  • Data kicks off at 0815ET w/ ADP Employment Change (235k, 180k)
    • S&P Global US Manufacturing PMI (46.8, 46.8) at 0945ET, followed by
    • ISM Employment (50.8 rev, --); New Orders (45.1 rev, --) at 1000ET
    • ISM Manufacturing (48.4, 48.0); Prices Paid (39.4, 40.4), 1000ET
    • Construction Spending MoM (0.2%, +0.0%), 1000ET
    • JOLTS Job Openings (10.458M, 10.300M), 1000ET
  • Tsy auction: $36B 17W bills at 1130ET
  • Equity earnings: Old Dominion Freight Line (ODFL; $2.92 EPS), Johnson Controls (JCI; $0.67 EPS), Boston Scientific (BSX; $0.45 EPS), Peleton (PTON; -$0.66 EPS), Thermo Fisher (TMO; $5.40 EPS), AmerisourceBergen (ABC; $2.71 EPS), Humana (HUM; $1.62 EPS), Altria Grp (MO; $1.18 EPS), T-Mobile (TMIS; $1.12 est).
    • After the close: Allstate (ALL; -$1.36 est), Murphy USA (MUSA; $6.36 est); MetLife (MET; $1.64 est), META ($2.26 est), McKesson (MCK; $6.35 est),

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