ECONOMIC CALENDAR:Monday: Treasury Budget Tuesday: PPI-FD, Retail Sales, Business Inventories Wednesday: Empire State Mfg. Survey, Industrial Production, Housing Market Index, EIA Petroleum Status Report, Beige Book, Treasury International Capital Thursday: Housing Starts, Jobless Claims, Philadelphia Fed Business Outlook Survey Friday: Consumer Price Index, Consumer Sentiment
Quote of the week:
“We must welcome the future, remembering that soon it will be the past; and we must respect the past, knowing that once it was all that was humanly possible.” – George Santayana
- Wholesale inventories edge up in February. Warehouse stocks of products for sale rose slightly in February, indicating that businesses may not be restocking aggressively because of weak sales.
- Import prices fall in March. The cost of imported goods fell last month as rising oil costs were offset by declining prices elsewhere. Import prices are a major contributor to inflation calculations and weak inflation may delay the Fed’s interest rate increases.
- Weekly jobless claims rise less than expected. The number of Americans filing for new unemployment benefits rose slightly last week, bringing the four-week average to the lowest level since 2000. These numbers suggest that the slow job growth in March was a seasonal fluke.
- Oil prices stabilize on production plateau. Global oil prices rose for the fourth straight week on expectations that drilling production will stabilize and the supply glut will recede. The number of oil rigs in the U.S. has dropped significantly, indicating that domestic production may be topping out.