Key Economic News To Watch This Week
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A quick summary of the key economic events for the week ahead. The highlight of the week is the address by U.S. Federal Reserve Chairman Ben Bernanke.
Monday, 5th September
World Bank president Robert Zoellick visits China
Global Economic Leaders Summit 2011 takes place in China
Trial of Egyptian former president Hosni Mubarak resumes in Cairo
United States president Barack Obama visits Detroit and will deliver remarks on the economy and his plan to spur job growth
A quick summary of the key economic events for the week ahead. The highlight of the week is the address by U.S. Federal Reserve Chairman Ben Bernanke.
Monday, 5th September
World Bank president Robert Zoellick visits China
Global Economic Leaders Summit 2011 takes place in China
Trial of Egyptian former president Hosni Mubarak resumes in Cairo
United States president Barack Obama visits Detroit and will deliver remarks on the economy and his plan to spur job growth
Related: White House Predicts Long Term Unemployment, Eurozone Countries Moving From Drama To Trauma, Markets In Danger Zone: World Bank Chief
Tuesday. 6th September
World Bank infrastructure summit takes place in Singapore
Indian PM Manmohan Singh visits Bangladesh
Russia reports August inflation
Finance ministers of Germany, the Netherlands and Finland meet to discuss collateral for loans to Greece
Related: Germany Says “No” To Euro Bonds
Wednesday, 7th September
Results of constitutional referendum announced in Liberia
Third Asia Annual Trade & Export Finance Conference takes place
XXI Economic Forum takes place in Poland
Germany’s constitutional court will rule on whether the government broke the law when it agreed to euro zone bailout packages
The Fed releases its “beige book,” a compilation of anecdotal information about business conditions prepared in advance of each policy meeting of the central bank. Look for a tone of caution and worry out of the Fed’s business contacts, but worry combined with expectations of continued expansion.
Related: Life After Gadhafi – The Challenges Ahead: Scott Stewart, The Mad Rush For Libyan Oil Profits Has Begun
Thursday, 8th September
European Central Bank and the Bank of England will issue their decisions on interest rates
The U.S. Commerce Department will release new data on international trade in July. The report is expected to show a narrowing of the trade deficit in that month, to $51 billion from $53.1 billion, reflecting in part the falling price of imported oil.
The International Council of Shopping Centers releases sales data for major chain retailers in August, offering the first read on whether American consumers held back last month amid stock market volatility and a steep drop in consumer confidence surveys.
The main event Thursday will be a 1:30 p.m. speech by Bernanke at the Economic Club of Minnesota. The topic of the talk is “The U.S. Economic Outlook,” and it comes at a crucial moment: On Sept. 20 and 21, the Fed’s policy committee will meet and consider new steps that might help boost growth amid a deteriorating job market and slumping recovery. Monetary policy operates with a lag, so any change to policy depends not on what has happened in the recent past, but what Bernanke and his colleagues expect to happen in the future.
The open question for this speech is how much Bernanke has downgraded his expectations for growth next year in light of recent weakness, and whether he thinks inflation pressures will soon diminish as well, which would open the door for more monetary easing.
Related: US Economic Growth Slows in Q1, US Jobless Claims Rise As Consumer Confidence Dips
Source: Financial Times, NYTimes, Washington Post
