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What to Watch: ECB Policy Annc, Q4 Advance Real GDP/Core PCE, Earnings

US TSYS
  • Busy day ahead with cash Tsys trading mildly mixed (curves little flatter with modest short end selling recently) with the ECB policy announcement in less than an hour at 0815ET, followed by a slew of economic data at 0830ET.
  • The main focus is Q4 advance for real GDP/core PCE (insight to consumer spending and PCE deflators tomorrow) at 0830ET. Weekly Claims, Durables/Capital Goods and Wholesale/Retail Inventories also at 0830ET. New Home Sales at 1000ET followed by KC Fed Mfg activity at 1100ET.
  • Treasury supply wraps up the week with upsized $90B each 4W and 8W bills at 1130ET, $41B 7Y Note auction (91282CJX0) at 1300ET.
  • Fed in blackout ahead next week's FOMC doesn't prevent Tsy Sec Yellen from giving her economic outlook at 1235ET.
  • Equity earnings continue: multiple names already announced this morning includes Alaska Air, Southwest Air, American Airlines, Northrop Grumman, Humana, Sherwin Williams and Comcast. After the close: Intel, Western Digital, Visa, Capital One, T-Mobile, L3Harris Technologies.

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