The Watch List
Monetary Policy The Fed hiked rates 25bps at last week’s FMOC meeting and indicated it will stay the course. So why are forward yields (1 year through 30 year still lower, suggesting Fed easing?)
GDP and Inflation Bureau of Economic Analysis provides final 4Q GDP (current estimate is +2.7%) and PCE inflation this week.
Key USDA Report USDA releases it much anticipated Quarterly Grain Stocks and Prospective Plantings report on Friday, March 31.
Russia “Xi and Putin Rekindle ‘Strategic Bromance’ in Russia” – Headline from the Wall Street Journal story on 3/22 regarding the meeting between the two nations leaders.
SVB Sale First Citizens BancShares is reportedly in advanced talks to acquire Silicon Valley Bank.
Numbers of Interest
15% Sales growth at General Mills’ North America retail division during its latest quarter, as its products have gained market share in cereal, refrigerated dough, fruit snacks, soup and seasoning categories.
10.4% UK inflation print for February was 10.4%, up from 10.1% in January. Core excluding food and energy also rose to 6.2% vs. 5.8%, respectively.
3.1% Level of Japanese core inflation for February, down from a 41-year high of 4.2% in January.
+14.5% Sales of previously owned homes rose 14.5% in February from the prior month, but were down 22.6% from a year earlier.
$15.6 billion Amount that the IMF has agreed to lend Ukraine
The Week Ahead
Tuesday 3/28 S&P
- CoreLogic releases the Case-Shiller National Home Price Index for January. Expectations are +3.0% rise increase yr./yr, down from +5.8% in December
Wednesday, 3/29
- Federal Reserve Vice Chair for Supervision Michael S. Barr testifies before Senate and House
- USDA releases its Oil Crops Yearbook report
Thursday 3/30
- BEA releases third and final estimate of 4Q22 GDP (expect no change to +2.7%)
Friday 3/31
- BEA reports February personal-consumption expenditures price index, the Federal Reserve’s preferred measure of inflation. Expectations = +4.7%, unchanged from January.
- USDA releases its Quarterly Grain Stocks and Prospective Plantings reports
Commodity Price Performance
Kenneth Scott Zuckerberg is Lead Industry Analyst, Grains, Farm Supply & Biofuels, CoBank.
