The biggest news in the week will be what the Federal
Reserve does or doesn't do to stem the spike underway in long-term interest
rates, whether it targets long-end buying as the ECB did in the prior week
or tries to jawbone rates lower with new warnings or wording. The Fed's
meeting is on Wednesday and will be followed Thursday by the Bank of Japan
and Bank of England where policy moves are also an option. Machinery orders
from Japan will open the week on Monday with Japan to post merchandise
trade data on Wednesday and February's CPI on Friday. Chinese data will be
headlined by industrial production and retail sales on Tuesday, both for
the combined months of January/February and both likely to be scrambled by
comparison distortions tied to the lunar new year not to mention Covid
effects. Thursday will see Australia's labour force survey followed on
Friday by retail sales. European data will be light in the week, led by
Germany where the ZEW sentiment survey will be posted on Tuesday and
producer prices on Friday. In North America, Canada will post manufacturing
sales on Monday and the CPI on Wednesday with US industrial production and
retail sales to be two of Tuesday's highlights. Housing starts and permits
for the US will follow on Wednesday and US jobless claims, which have been
slowly improving, on Thursday. Revisions for French and Italian CPIs will
be posted Tuesday and a revision to Eurozone HICP on Wednesday. Also note
that clocks in the US and Canada will be moving forward before the week
opens, on March 14.
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