Last week, the Federal Reserve said future decisions on interest rate hikes would depend heavily on new economic data. Well, this week, a whole slew of new economic surveys is scheduled to be released, including three key reports on inflation. And several Fed officials, including Chairman Ben Bernanke, will be on the lecture tour this week. That should give the financial press ample opportunity to pepper them with questions about their true feelings on the economy.
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Monday, May 15:
EARNINGS TO WATCH: Agilent Technologies and Target
Tuesday, May 16:
WHOLESALE INFLATION: The Labor Department will release the April results of the producer price index, a key gauge of wholesale inflation. Despite high energy prices, the annual rate of growth for the PPI has fallen in recent months.
RESOURCE UTILIZATION: Though inflation hasn't reared its ugly head yet, the Federal Reserve recently said that "possible increases in resource utilization, in combination with the elevated prices of energy and other commodities, have the potential to add to inflation pressures." This morning, the Fed will release its latest report on resource utilization, which measures how much of the nation's total factory capacity is currently being used. The greater the resource utilization rate, the tighter the economy is said to be—and the greater likelihood there is for rising inflation.
FED SPEAK: A trio of Fed officials will be speaking around the country today. Bernanke and Fed governor Randall Kroszner will speak at a hedge fund conference in Georgia. Meanwhile, Timothy Geithner, president of the Federal Reserve Bank of New York, will comment on the economy at New York University.
HOUSING DATA: The Commerce Department will issue a report on the state of the housing market, which will track recent trends in housing starts and building permit applications.
EARNINGS TO WATCH: Abercrombie & Fitch, American Eagle Outfitters, Applied Materials, Hewlett-Packard, Home Depot, Saks, Staples, and Wal-Mart
Wednesday, May 17:
RETAIL INFLATION: Today, the Labor Department will release the April results of yet another key measure of inflation, the consumer price index, which measures retail price trends.
EARNINGS TO WATCH: Intuit, Napster, and Vivendi
Thursday, May 18:
LEADING INDICATORS: The Conference Board will release the latest results of its index of leading economic indicators, which attempts to measure future economic growth.
FED SPEAK: Today, Bernanke will deliver a speech at a Chicago Fed conference. Meanwhile, Treasury Secretary John Snow is scheduled to offer a semiannual financial report to the Senate Banking Committee.
EARNINGS TO WATCH: Barnes & Noble, Dell, Gap, and Nordstrom
Friday, May 19:
FED SPEAK: Three heavy hitters in the financial markets—former Fed Chairman Alan Greenspan, Snow, and Geithner—will address the Bond Market Association's annual meeting in New York.
EARNINGS TO WATCH: Ann Taylor Stores and British Airways
