US Economic Chartbooks
Please see our Economic Week Ahead Chartbook for a discussion of next week's economic releases provided in a visually friendly format that includes graphs, brief descriptions of SMR's forecasts, and links to detailed data previews. If you missed anything from last week, see our Economic Week in Review Chartbook for a look back at the releases with links to full analyses.
FOMC Statement from Jan. 28: 'Solid' Outlook for Growth, Wary on Inflation
1. The FOMC judges it can remain patient before beginning policy normalization.
2. Economic activity upgraded to "solid"; labor market to "strong".
3. FOMC wary on inflation outlook, will "monitor inflation developments closely".
Outlook: Onwards and Upwards?
Economic developments in the U.S. have been largely positive over the past year. The economy is on a solid growth path and all indications are that this trend will continue into 2015. In response to an underlying improvement in economic conditions, the Federal Reserve, after taking extraordinary measures to support the economy following the Great Recession, now seems to be on the brink of policy normalization. It is against this backdrop that we discuss our expectations for growth in 2015.
Fixed Income Focus: ECB Steps Up ... Month-End Auction Preview
Treasury yields were mixed this past week as the curve flattened around the ECB's QE decisions.
Treasury will come to market during the upcoming week with a $90.0 billion package of month-end 2-year, 5-year, and 7-year notes. They will hold a $26.0 billion 2-year note auction on Tuesday afternoon, a $35.0 billion 5-year note auction on Wednesday afternoon, and a $29.0 billion 7-year note auction on Thursday afternoon. The bidding deadlines for all three auctions will be 1:00 P.M.
Fixed Income Focus
FOMC Preview for January 27-28 - Keeping House, and Staying Patient
* FOMC is not expected to alter the new "patient" forward guidance, except to remove the sentence regarding the "considerable time".
* No update to Summary of Economic Projections (SEP) or press briefing from Chair Yellen.
* Rotation in voting District Presidents takes place.