Top 5 Things to Watch 07/26 04:58
Top 5 Things to Watch: Interest Rates and Senate's Full Plate
Most market watchers expect the Fed to stand pat on interest rates,
following its July 28-29 meeting. The Senate is also taking up many pieces of
legislation ahead of its looming summer recess.
By DTN Staff
OMAHA (DTN) -- Here are the Top 5 things the DTN Newsroom is tracking for
the week of July 26. Watch for coverage of these and other topics throughout
the week on our subscription platforms as well as on http://www.DTNPF.com.
Note that all report release times are Central Daylight Time unless
otherwise noted.
1. Fed interest rate changes: The Federal Open Market Committee (FOMC) holds
its two-day meeting on Tuesday and Wednesday. The committee will issue its
policy statement and interest rate decision at 1 p.m., with Fed Chair Kevin
Warsh's press conference at 1:30 p.m. This meeting does not include the Summary
of Economic Projections.
2. Farm bill movement: With the House out for the summer, attention on farm
bill and other legislation turns to the Senate, which has a lot of territory to
cover before it is scheduled for Aug. 7 recess.
3. Office woes at USDA: We're continuing to document the benefits and
pitfalls of the staff cuts and relocation efforts within USDA offices,
particularly FSA and NRCS. Want to weigh in? See our DTN 360 Poll on the home
page of our public web site here: http://www.dtnpf.com/agriculture/web/ag/home
4. World weather: The cool snap enjoyed over much of the United States this
past week is quickly gone and heat will return. There are still chances for
spotty rains, particularly in the Eastern Corn Belt. As crop reports come in,
we're continuing to see how corn, soybeans and other summer crops are holding
on with June rainfall.
5. Reports due this week: Monday at 7:30 a.m., Durable Goods for June, then
at 3 p.m., USDA NASS weekly Crop Progress, including DTN analysis of crop
conditions. Tuesday at 7:30 a.m., Advanced Economic Indicators for June, and
Wholesale and Retail Inventories for June. At 8 a.m., Case-Shiller Home Price
Index. At 9 a.m., the latest Consumer Confidence numbers. Wednesday at 9:30
a.m., EIA weekly petroleum status report, including ethanol production and
stocks. At 1 p.m., the Fed interest rate decision. At 2 p.m., Broiler Hatchery.
Thursday has a few starting at 7:30 a.m.: Grain Export Sales, Advance estimate
GDP, Jobless Claims, Personal Income and Spending. At 10:30 a.m., Weekly
Economic Index. At 2 p.m., Slaughter Weekly. Friday: At 7:30 a.m., Employment
Cost Index. At 8:45 a.m., Chicago Business Barometer. At 2 p.m., Agricultural
Prices, Egg products and Cash Rent by state. At 2:30 p.m., CFTC's Commitment of
Traders report. Also, the current crop year for Canadian canola, wheat, barley,
oats, and pulses ends July 31.
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