W Week Ahead

Week Ahead: RBA and RBI Meetings; U.S. State of Union; Fed, BOE and ECB Speakers; U.S. CPI New Methodology; German CPI

06 February, 2023

Key Macro Events

🇨🇳 🇭🇰 Cross-border travel between China’s mainland and Hong Kong fully resumes – Nikkei (6)

🇬🇧 UK, the NHS will be hit with another day of widespread strikes as more than 10,000 ambulance workers in the Unite and GMB unions in England stage further industrial action, while the Royal College of Nurses expects tens of thousands of its members in England to walk out for 12 hours today and tomorrow, in separate pay disputes – FT (6)

🇩🇪 December factory orders (6)

🇪🇺 Austrian central bank Governor Robert Holzmann and Bank of England rate-setter Catherine Mann headline the “Lamfalussy Lectures” conference in Budapest hosted by Hungarian central bank Governor Gyorgy Matolcsy – Bloomberg (6)

🇬🇧 Bank of England policy maker Catherine L Mann gives Lamfalussy Lectures Conference on ‘New dimensions of central banking in the post-covid era’ – Bloomberg (6)

🇬🇧 Bank of England Chief Economist Huw Pill does live Q&A webcast on the Monetary Policy Report – Bloomberg (6)

🇫🇷 France, SNCF workers embark on another two-day strike to protest against President Emmanuel Macron’s plan to raise the retirement age from 62 to 64 – FT (7)

🇪🇺 Bank of France Governor Francois Villeroy de Galhau speaks at online conference – Bloomberg (7)

🇪🇺 ECB Executive Board member Isabel Schnabel participates in webinar on monetary policy at times of pandemic and war – Bloomberg (7)

🇬🇧 UK Chancellor Jeremy Hunt takes questions in the House of Commons – Bloomberg (7)

🇬🇧 BOE’s chief economist Huw Pill and deputy governor David Ramsden speak at UK Women in Economics Network launch event – Bloomberg (7)

🇬🇧 Bank of England Deputy Governor Jon Cunliffe speaks on a UK design for a central bank digitial currency at the offices of the lobby group UK Finance – Bloomberg (7)

🇺🇸 US President Joe Biden delivers the State of the Union address before Congress – Bloomberg (7)

🇺🇸 Fed Chair Jerome Powell interviewed by David Rubinstein at the Economic Club of Washington – Bloomberg (7)

🇺🇸 Fed Vice Chair for Supervision Michael Barr discusses financial inclusion at an event in Jackson, Mississippi – Bloomberg (7)

🇮🇳 RBI Meeting (8)

🇪🇺 ECB Supervisory Board press conference in Frankfurt with chairman Andrea Enria and vice chair Frank Elderson – Bloomberg (8)

🇪🇺 ECB Governing Council member Klaas Knot speaks on euro-area economic outlook in MNI webcast – Bloomberg (8)

🇺🇸 New York Fed President John Williams is interviewed at Wall Street Journal live event in New York – Bloomberg (8)

🇺🇸 Fed Governor Lisa Cook takes part in a moderated discussion hosted by the Joint Center for Political and Economic Studies in Washington – Bloomberg (8)

🇺🇸 Fed Vice Chair for Supervision Michael Barr and Atlanta Fed President Raphael Bostic speak at an event discussing economic mobility hosted at Tougaloo College in Tougaloo, Mississippi – Bloomberg (8)

🇺🇸 Minneapolis Fed President Neel Kashkari will answer questions at a Boston Economic Club luncheon – Bloomberg (8)

🇺🇸 Fed Governor Christopher Waller discusses the economic outlook at an event hosted by Arkansas State University in Jonesboro, Arkansas – Bloomberg (8)

🇩🇪 January CPI (9)

🇪🇺 EU leaders summit in Brussels focused on migration and a response to the US Inflation Reduction Act – Bloomberg (9 & 10)

🇪🇺 ECB President Christine Lagarde participates in EU leaders summit – Bloomberg (9)

🇪🇺 ECB Governing Council member Pablo Hernández de Cos speaks at `Dialogues with the Governor of the Bank of Spain on the Future of Globalisation,’ at LSE, London – Bloomberg (9)

🇪🇺 ECB Vice President Luis de Guindos speaks at Foro Economia y Humanismo organised by Instituto Karol Wojtyla in Madrid – Bloomberg (9)

🇬🇧 Bank of England Governor Andrew Bailey appears before Treasury Committee – Bloomberg (9)

🇨🇳 February inflation (CPI & PPI) data (10)

🇦🇺 RBA Meeting (10)

🇬🇧 UK, ambulance workers from the Unite and Unison unions to strike in London, the South West, North West, North East, Yorkshire and the West Midlands – FT (10)

🇪🇺 ECB’s Schnabel Participates in Live Q&A on Twitter – Bloomberg (10)

🇪🇺 ECB Governing Council member Pablo Hernandez de Cos speaks at Warwick Economic Summit in U.K. – Bloomberg (10)

🇬🇧 Bank of England Chief Economist Huw Pill speaks as a Panellist at the Société Universitaire Européenne de Recherches Financières (SUERF) Workshop on ‘Gauging (dis)inflation pressures: Comparing tools and current findings’ – Bloomberg (10)

🇺🇸 Fed Governor Christopher Waller speaks on digital assets and Philadelphia Fed President Patrick Harker delivers the keynote address at Global Interdependence Center crypto-focused conference in La Jolla, California – Bloomberg (10)

🇺🇸 February U. of Michigan Consumer Sentiment (10)

🇺🇸 CPI New Methodology (10): Each year, seasonal adjustment factors are recalculated to reflect price movements from the just-completed calendar year. The next update, scheduled for February 10, 2023, will mark the beginning of the transition to yearly weights. “Starting with January 2023 data, the BLS plans to update weights annually for the Consumer Price Index based on a single calendar year of data, using consumer expenditure data from 2021. This reflects a change from prior practice of updating weights biennially using two years of expenditure data.Several analysts already flagged downside risks linked to these changes stating that it will give more weights to the sectors that experienced large increases in 2021 and that are supposed to weaken in 2023.



Focus on U.S. Economic Calendar

Top 10 Macro/Financial Charts of the Previous Week – w5

What happened in the World Economy last Week – in charts – w5 (Bloomberg)

*Note: Previous reports can be found here