W — Week Ahead

Week Ahead Preview: BOE, BOJ, FED, RBA and SNB Meetings; U.S. Housing Data; U.K. CPI; Chinese Monthly Data; Central Banks’ Speeches

17 March, 2024
christophe-barraud-week-ahead-2021

From interest rate decisions in the U.S., Japan, the U.K. and elsewhere to the Chinese monthly data, here’s what you need to know about the week ahead.

Monday

🇨🇳 Jan.-Feb. industrial production, retail sales, fixed assets ⚠

🇪🇺 February Final CPI

🇬🇧 Rightmove March House Price Index. Also, UK Finance publishes its monthly card-spending statistics – FT

🇪🇺 European Central Bank Governing Council member and Bank of Portugal Governor Mario Centeno speaks at the Generation Euro awards ceremony – Bloomberg

🇺🇸 March NAHB index

Tuesday

🇺🇸 🇵🇭 U.S. Secretary of State Antony Blinken will be in Manila to meet with Philippine President Ferdinand Marcos Jr., as the two countries seek to bolster relations amid flaring tensions in the South China Sea – Nikkei

🌎 Gaming industry leaders across Asia will convene in Manila for their annual gathering, a key platform for networking within the sector – Nikkei

🇯🇵 BOJ Meeting ⚠ (Preview)

🇦🇺 RBA Meeting

🇩🇪 February Zew

🇪🇺 European Central Bank Vice President Luis de Guindos speaks at event in Madrid – Bloomberg

🇪🇺 ECB’s Hernandez de Cos speaks in Madrid – Bloomberg

🇺🇸 February housing starts and building permits ⚠

🇨🇦 February CPI

🇺🇸 US Democratic and Republican presidential primary voting in Arizona, Florida, Illinois, Kansas and Ohio

Wednesday

🇨🇳 China loan prime rates – Bloomberg

🇩🇪 February PPI

🇪🇺 March consumer confidence

🇬🇧 February CPI and PPI ⚠

🇪🇺 ECB President Christine Lagarde speaks at Institute for Monetary and Financial Stability conference in Frankfurt. ECB chief economist Philip Lane and Executive Board member Isabel Schnabel are also scheduled to speak – Bloomberg

🇪🇺 ECB’s De Cos Speaks in Frankfurt – Bloomberg

🇪🇺 ECB Governing Council member Robert Holzmann makes opening remarks at Austrian National Bank seminar on nuclear energy – Bloomberg

🇪🇺 ECB Governing Council members Joachim Nagel and Francois Villeroy de Galhau participate in panel on future of European finance in Saarbrücken, Germany – Bloomberg

🇨🇦 Bank of Canada releases summary of deliberations from March 6 policy meeting – Bloomberg

🇺🇸 Fed Meeting ⚠

Thursday

🇹🇼 Rate decision

🇪🇺 🇺🇦 European Union summit in Brussels; officials will discuss continued support for Ukraine, security and defense, and the unfolding situation in the Middle East. Through Friday – Bloomberg ⚠

🌎 March Global Manufacturing and Services PMIs ⚠

🇪🇺 ECB Publishes Economic Bulletin

🇨🇭 SNB Meeting

🇳🇴 Norges Bank Meeting

🇹🇷 CBRT Meeting

🇬🇧 BOE Meeting ⚠

🇲🇽 Rate decision

🇺🇸 March Philadelphia Fed Business Outlook

🇺🇸 February Existing Home Sales ⚠

🇺🇸 Vice Chair for Supervision Michael Barr participates in a fireside chat in Ann Arbor, MI with students and faculty called “A View from the Fed.” – Bloomberg

Friday

🇯🇵 February CPI ⚠

🇦🇺 Reserve Bank of Australia issues financial stability review – Bloomberg

🇩🇪 February IFO ⚠

🇬🇧 February retail sales

🇪🇺 ECB Governing Council member Joachim Nagel participates in MNI online event – Bloomberg

🇪🇺 ECB Governing Council member Robert Holzmann speaks at presentation of Austrian National Bank annual report – Bloomberg

🇪🇺 ECB’s Centeno Speaks at Press Conference in Lisbon – Bloomberg

🇪🇺 ECB Governing Council member Joachim Nagel goves welcome speech at `The Future of Digitalization and Finance’ event in Frankfurt – Bloomberg

🇪🇺 ECB chief economist Philip Lane delivers lecture on inflation in Marseilles, France – Bloomberg

🇷🇺 Rate decision

🇺🇸 The Federal Reserve Board hosts a Fed Listens event in Washington on transitioning to the post-pandemic economy. Opening remarks from Chair Jerome Powell. Vice Chair Philip Jefferson and Governor Michelle Bowman will each moderate conversations with leaders from various organizations – Bloomberg

🇺🇸 Vice Chair for Supervision Michael Barr participates in a virtual event on International Economic and Monetary Design – Bloomberg

🇺🇸 Atlanta Fed President Raphael Bostic participates in moderated conversation at Household Finance Conference in Atlanta – Bloomberg

Earnings

🇺🇸 #SPX | Second-Highest Number of S&P 500 Companies Citing “AI” on Earnings Calls Over Past 10 Years – Factsethttps://t.co/kt6QdNAdDq pic.twitter.com/4KdfsqPoTw

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 16, 2024

Previews

Strap yourself in for a very busy week of economic data and central bank deliberations. Find out what the bank economists have forecast at LiveSquawk's Focus On The Week Ahead: https://t.co/DxJdMGB0N4 pic.twitter.com/m4OilvQVT6

— LiveSquawk (@LiveSquawk) March 17, 2024

🌎 #Weekahead | #Fed, #BOJ Dominate Rate Week for Almost Half the Global Economy – Bloomberg
*Rate decisions scheduled for almost half of the world economy ⚠https://t.co/kqjVD0OdtX pic.twitter.com/Hz8KmZUhLA

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 17, 2024

Central bankers take centre stage https://t.co/tVmO7A5tQ4

— Financial Times (@FT) March 17, 2024

BOJ monetary policy, Blinken meets Marcos in Manila, GoTo earnings https://t.co/bMv19ooYdl

— Nikkei Asia (@NikkeiAsia) March 17, 2024

Australia's RBA to hold rates on March 19, cut later in year – Reuters poll https://t.co/QmtMpbheQX pic.twitter.com/bS6ZDES0C7

— Reuters (@Reuters) March 15, 2024

#France, #Germany to Build Arms Plant in #Ukraine as Stakes Rise

The French, German and Polish leaders met in Berlin on Friday

Donald Tusk said Ukraine aid needs to be immediate and intense

https://t.co/vidNy2x1qq

— Giovanni Staunovo🛢 (@staunovo) March 15, 2024

Germany and France joined 12 other EU countries in calling for the European Investment Bank to enhance its financing for defense as a means to boost the bloc’s security in light of Russian aggression https://t.co/qvzcKutPwb

— Bloomberg (@business) March 17, 2024

*Focus on BOJ

🇯🇵 #Japan no longer in #deflation, wage hike trend strong, says finance minister – Reutershttps://t.co/1NDtulhnaR

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 15, 2024

⚠️Breaking! 🇯🇵Japan's largest labor union, Rengo, announces initial outcomes of spring wage negotiations. A remarkable average total wage increase of 5.28% 🚀has been achieved, marking the highest surge in over three decades, surpassing last year's growth rate of 3.8%. #MM pic.twitter.com/xgLZ9eKJGr

— MacroMicro (@MacroMicroMe) March 15, 2024

🇯🇵 #Japan | #BOJ set to end negative interest rates at next week's meeting – Kyodohttps://t.co/XdAddCYFYm

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 18, 2024

🇯🇵 Nikkei reported #BOJ conducted a gensaki (reverse repo with JGB collateral) operation Monday for the first time in about a month.
*Article cited broad upward pressures on rates amid heightening expectations of an imminent #BOJ rate hike, leading traders to conclude the measure…

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 18, 2024

🇯🇵 #Japan | #BOJ to offer guidance on bond buying pace upon ending YCC – sources – Reutershttps://t.co/q7uRVlfIe8

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 12, 2024

🇯🇵 #Japan | #BOJ's surprising lack of #ETF support seen as another sign of impending policy normalization – Nikkei
*Link (Japanese): https://t.co/I1ejFZzc5V

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 12, 2024

Bank of Japan officials are considering scrapping the buying of exchange-traded funds, a measure introduced in 2010, provided the central bank’s inflation target comes into sight, sources say https://t.co/VDEE7Sx6wE

— Bloomberg (@business) March 13, 2024

*Focus on BOE

ICYMI: BoE Set To Hold Interest Rates As It Awaits More Signs On Inflation – @FT$GBPUSDhttps://t.co/QUmOjjN82Y

— LiveSquawk (@LiveSquawk) March 18, 2024

🇬🇧 #BOE Rate Decision and Tories’ Misery Index: Sunday UK Briefing – Bloomberghttps://t.co/6oEG7pgH0d

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 17, 2024

The Bank of England is set to start cutting interest rates in June, according to a City A.M. poll of top economists, as inflation nears its target, the labour market cools and the UK takes its first steps out of recession.https://t.co/HcqReeEDu6

— City A.M. (@CityAM) March 17, 2024

Focus on U.S. Economic Calendar

Key Events This Week:

1. Housing Starts data – Tuesday

2. Fed Interest Rate Decision – Wednesday

3. Fed Press Conference – Wednesday

4. Philly Fed Manufacturing Index – Thursday

5. Existing Home Sales data – Thursday

6. Fed Chair Powell Speaks – Friday

It's officially Fed…

— The Kobeissi Letter (@KobeissiLetter) March 17, 2024

🇺🇸U.S. ECONOMIC DATA THIS WEEK:

*BUILDING PERMITS (TUES.)
*HOUSING STARTS (TUES.)
*FED RATE DECISION (WED.)
*JOBLESS CLAIMS (THURS.)
*PHILLY FED MANUFACTURING INDEX (THURS.)
*SERVICES PMI (THURS.)
*MANUFACTURING PMI (THURS.)
*EXISTING HOME SALES (THURS.)https://t.co/OKkl2OxRyi… pic.twitter.com/Tnv0JQfOVY

— Investing.com (@Investingcom) March 17, 2024

*Focus on Fed

🇺🇸 #Fed | Bond Traders Prep for Dot Plot, With Three Cuts in Question – Bloomberghttps://t.co/ts6Z5a7oW0 pic.twitter.com/lEJ44yzUeF

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 15, 2024

🇺🇸 #Fed Seen Sticking With Three 2024 Cuts Despite Higher #Inflation – Bloomberghttps://t.co/5pLFzhn6St pic.twitter.com/X2hebeITzP

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 15, 2024

🇺🇸 #Fed Gets More Reasons to Delay Interest-Rate Cuts – Bloomberghttps://t.co/RuY5yJmehv pic.twitter.com/O5l9553Lt2

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 15, 2024

Top 10 Macro/Financial Charts of the Previous Week – w11

⚠ Top 10 Macro/Financial Charts of the Week – w11 (2024) ⚠@Lvieweconomics, @nick_bunker, @EconguyRosie, @MacroMicroMe#Stocks #Wages #Inflation #Japan #Germany #Chinahttps://t.co/sNnJN5zIJX

— Christophe Barraud 🇫🇷 🇲🇨 (@C_Barraud) March 16, 2024

What Happened in the World Economy Last Week – in charts – w11 (Bloomberg)

🌎 Charting the Global Economy: Stubborn Inflation Giving Fed Pause – Bloomberghttps://t.co/p0n94H5nUC pic.twitter.com/hSkDZn2gTn

— fastreveal (@fastrevealnews) March 16, 2024

*Note: Previous reports can be found here