SUMMARY
Queen Elizabeth’s ceremony today marks the end of a formidable reign and a return to a noisy but markets-salient policy calendar. Central banks around the world hold meetings this week, including three of the big five (BoE, BoJ, the Fed), and those in several emerging markets. A congressional hearing and on-going Fed deliberations on super-regional capital requirements continues ‘bank week’. Inflation and other pandemic shock effects are conference topics in Sydney, and an OECD report set for release today. Norway’s sovereign wealth fund and the San Francisco Fed sponsor climate economics conferences.
Retrospectively, we found President Biden’s 60 Minutes interview notable mainly for his equivocation on running in 2024. And the combined Xi/Modi turn away from Putin regarding the war likely was the most interesting development last week with FDX’s business outlook a close second. Iran’s drones and North Korea’s rockets cannot balance much less turn the military and economic vortex Putin has imposed on Russia. His desperate hold on power worries more than reassures US policymakers; even if the end of war is nigh, most likely it will be fraught.
OUTLOOK (all times eastern daylight unless noted)
Today
10:00 a.m., OECD report on effects of conflated shocks the past three years.
11:30 a.m., World Bank’s David Malpass speaks with the Economic Club Of New York (climate, inflation, rates).
Australian Financial Review Property Summit two-day gathering focuses on inflation.
Tuesday
9:00 a.m., Senate Banking Committee hearing on “Tightening the Screws on Russia: Smart Sanctions, Economic Statecraft and Next Steps.”
10:00 a.m., National Security, International Development, and Monetary Policy Subcommittee (Chairman Jim Himes, D-Conn.) of House Financial Services Committee hearing on “Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth.
Wednesday
10:00 a.m., House Financial Services Committee roasts the largest US banks for treatment of consumers. This is an elections-facing event but building rumors that the Fed soon will adjust super-regionals’ capital requirements are worthy of attention (reportedly regulators want more long-term debt in capital buffer reserves).
Thursday
9:30 a.m., the Senate Banking Committee’s annual hearing on the nation’s largest banks continues the roast begun in the House of Representatives the previous day.
10:00 a.m., Senate Energy and Natural Resources Committee (Chairman Joe Manchin III, D-W.Va.) hearing on deploying innovative battery and non-battery technologies for energy storage.
11:00 a.m., Federal Reserve Bank of San Francisco holds a virtual seminar on climate economics.
United Nations Security Council meets about Ukraine.
Friday
9:00 a.m., Federal Reserve Bank of New York’s holds third annual fintech conference, at Liberty Street headquarters.
