Nearly all the globally influential central banks have something to say this week as investors focus on the Fed’s midweek decision. China reports key data in a busy week of official indicators of G10 economic conditions. The US Congress turns to FY23 appropriations and the annual defense authorization. NATO meetings later this week reinforce a trend of countries near Russia seeking new or enhanced strategic relations as the war in Ukraine intensifies.
Monday
Private capital generated headlines this spring, one of the topics at the annual Super Return International conference in Berlin. As the second hearing commences, our sense remains that the January 6 Capitol Hill proceedings will have a greater potential impact on Department of Justice work than voters’ midterm election preferences. Another session is scheduled for Wednesday.
Tuesday
ECB executive board member Isabel Schnabel, set to deliver a commencement address, has been outspoken about the costs of decarbonization and macroeconomic policy adjustment transitions. The US committees overseeing financial services hold 10:00 a.m. sessions on industrial loan companies (House) and index fund voting processes (Senate). The House Energy and Commerce Committee subcommittee responsible for consumer protection laws discusses data privacy protections. Calls are growing for Congress to include privacy provisions to bipartisan efforts to curtail large tech companies from favoring proprietary products on their platforms. The Senate remains on schedule to take up S.2992 this month; privacy concerns and partisanship fueled by January 6 Commissions findings are risks to 2022 tech regulation plans.
Wednesday
The Fed’s Open Market Committee updates (2:00 p.m.) views on inflation and the US monetary policy path. The Senate Armed Services Committee begins (9:30 a.m.) shaping 2022 National Defense Authorization provisions. Inflation and war point to higher levels of defense spending. A Senate Finance Committee panel discusses (3:00 p.m.) supply chain resiliency as west coast ports head toward a likely work stoppage at the end of this month. ECB President Lagarde speaks at a London School of Economics event.
Thursday
The Senate Foreign Relations Committee considers (10:15 a.m.) nominations for US ambassadors to Qatar and Saudi Arabia, weeks before President Biden’s journey to Riyadh. On a lighter note (for now), FIFA announces World Cup 2026 North American host cities.
