US: Key Events ahead - Nomura

Analysts at Nomura take us through a slew of economic events from the US docket lined up for release later in the NA session today.

Key Quotes:

“Import prices: Import prices were up 0.4% m-o-m in December, but much of the increase was driven by a sharp increase in petroleum import prices. Excluding petroleum, import prices decreased by 0.2%. Therefore, in January, consensus is expecting only a moderate increase of 0.3% m-o-m in headline import prices. Note that incoming import prices may affect our inflation forecast for January.”

“University of Michigan consumer sentiment: In the final report for January, the consumer confidence index published by the University of Michigan registered 98.5, the highest level in more than 12 years. However, the Michigan survey cautioned that “the immediate post-election data represent political promises, not economic actions. The survey period of the February preliminary survey covers the first few weeks after inauguration day. As such, the upcoming report may possibly indicate how the optimism evolved within the first few weeks of Trump’s presidency. Consensus expects an elevated reading of 98.0 for February.”

“US Budget: In December, the monthly Treasury balance was at -$27.5bn, and the fiscal year-to-date balance was -$208.4bn. In January, consensus expects the monthly balance to register a gain of $45.0bn. Yet, it is likely that this net revenue is temporarily caused by seasonal quirks.”