This week marks the start of the fourth quarter earnings session. As always, several large US banks are among the earliest journalists: JPMorgan Chase, Wells Fargo,
And Citigroup all release their results on Friday morning. Other reports this week will come from Tilray on Monday, Albertsons on Tuesday, and Delta Air Lines and Taiwan Semiconductor Manufacturing on Thursday.
Highlighting the week’s economic data will be a pair of inflation readings: The Bureau of Labor Statistics reports the Consumer Price Index for December on Wednesday. Economists are expecting a 7.1% year-over-year spike, which would be the fastest rate of inflation since 1982. The Producer Price Index of the BLS is out on Thursday. This measure is expected to ease slightly from November.
Other data this week includes the National Federation of Independent Businesses’ Small Business Optimism Index for December on Tuesday, as well as the University of Michigan’s Consumer Sentiment Index for January and the Census Bureau’s retail sales data for December—both on Friday.
Finally, Federal Reserve watchers will attend a Senate Banking Committee hearing on Tuesday. MPs will question Speaker Jerome Powell as they consider his nomination for another four-year term. That could offer some clues about the Fed’s current thinking about monetary policy.
Cannabis maker Tilray reports second quarter fiscal-2022 results
Albertsons calls a conference to discuss earnings.
Senate Banking The committee holds hearings to weigh the nomination of Jerome Powell as chairman of the Federal Reserve for another four-year term. Lyle Brainard’s nomination as vice president will be taken up by the same committee on Thursday, January 13.
National Association Of Independent Business released its Small Business Optimism Index for December. The consensus estimate is for a 99.5 reading, almost a point higher than the November figure.
labor bureau The figures report the Consumer Price Index for December. Economists have forecast a year-on-year growth of 7.1%, after a 6.8% increase in December, the fastest clip since 1982. The core CPI, which does not include volatile food and energy prices, is expected to rise by 5.4%, half a percentage point higher. Compared to November, which was the highest since 1991. Inflation has become a major concern on both Main Street and Wall Street as the Federal Reserve acknowledges it is not transitory.
federal Reserve For the first time this year released the book in beige color eight times. The report collects anecdotal information and summarizes current economic conditions from 12 Federal Reserve districts.
Delta Air Lines and Taiwan Semiconductor Manufacturing hold conference call to discuss quarterly results.
BLS Report Producer Price Index for December. The consensus estimate is for a 0.4% monthly profit, while the core PPI is seeing a 0.5% increase. This compares with growth of 0.8% and 0.7%, respectively, in November.
Labour Department Reports preliminary jobless claims for the week ending January 8. In the first week of December, jobless claims were below 190,000, a level not seen in more than half a century.
fourth quarter earnings season The three largest US banks begin in earnest with earnings reports. JPMorgan Chase, Wells Fargo and Citigroup all release their results before the opening bell.
BlackRock and First Republic Bank released earnings.
University of Michigan Releases its Consumer Sentiment Index for January. Even with roughly December figures, the reading is expected to be 70.4. The index is down nearly 20% from its postpandemic peak in April due to rising prices and consumer concerns about housing costs.
census Bureau Reports retail sales data for December. Economists forecast a 0.3% month-on-month jump for consumer spending. Excluding autos, spending is also witnessing a 0.3% increase. This will match the November figures for both releases.
Write [email protected] . on Nicholas Jasinski