The Weekly Crib Sheet: Tracking Toyota, Geithner, Dodd, Bernanke. [Updated 2/17]
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The Weekly Crib Sheet for February 15th-19th: The stories you’ll see on the front pages and network newscasts this week be – a) of course the Olympics, b) Afghanistan with both the push in Marja and the one year anniversary of Pres. Obama’s troop increase order, c) Iran for the obvious reasons, but also because Secretary of State Hillary Rodham Clinton is traveling in the Middle East and will be asked about Iran repeatedly, d) in the wake of Sen. Evan Bayh’s retirement announcement a look at the 2010 political landscape – both presently and midterm election implications (we’re publishing late today so we confess this is an easy call, but we’ll note that Pres. Obama is doing events in Nevada for the poll challenged Senate Majority Leader Harry Reid at the end of the week as well).
MBA readers here’s WHY YOU CARE: Between the Olympics and foreign affairs that’s a lot of oxygen and real estate (and we didn’t even mention the “country is still digging out of the snow” stories). Still, there will be some stories at the intersection of Capitol Hill and Wall Street that stand do get some play outside of the business section, here’s what to look for…
1) The Fed: When Fed Chmn. Ben Bernanke was officially reappointed his statement noted how the Fed would make adjustments in policy once the threat of inflation outweighed the threat of the economy needing further emergency medication. That deserved and made headlines, well this week we’ll get a window into the Fed’s thinking once again when the minutes of the January meeting are released.
2) Housing: Building Permits and Housing Starts – both reports for January come out this week, and they will be hard to ignore as economists and journalists search for metaphoric measures of the economy’s health.
3) Gearing Up for Next Week – Part 1: Last week Toyota was to face congressional hearings on their recalls, with more planned for next week. Thanks to both a snow storm and Congress’ embrace of recess, last week’s and next week’s hearings will happen at the same time. In fact, we’ve added a section in addition to our “look ahead” list this week to outline the hearings that are not yet rescheduled after getting snowed out last week.
4) Gearing Up for Next Week – Part 2: On our “snowed out” list below are hearings ranging from Treasury Secretary Timothy Geithner on the budget to Fed Chmn. Bernanke on economic stimulus. What’s not on that list is the release of the Senate Banking Cmte. Chmn. Christopher Dodd’s revised financial regulatory legislation. However, if Sen. Dodd wants to keep to his announced desire for a mark up at the end of February or start of March, then the end of next week seems like a good time to put that out. Or to put it another way, the end of next week is the earliest we are likely to see it. Capitol Hill finance reporters continue to dog this story – so if any trial balloons are launched you’ll be sure to know.
5) Gearing Up for Next Week – Part 3 – Get Ready for 2/25: What interesting about the White House’s play for a televised health care summit is that depending on the type of press they get, we could see them doing the same thing on financial regulatory reform. The lead up coverage to the debate will be as important to them in this regard as the coverage of, and post mortem of the debate itself. We are watching this closely.
MBA wannabes here’s WHY YOU CARE: Here’s how to cut through the clutter: 1) focus on good analysis pieces of the Fed minutes released this week, it will help give you a sense of what’s likely to happen for the rest of the year and 2) take a close look at our point above about the February 25th health care summit. If Democrats feel like they are scoring points, then the same may be done for financial reform. The downside to either such summit is that nuance is rarely done well during political debates.
Here’s the week:
MONDAY 2/15
Pres. Obama: Returns to DC from Camp David.
TUESDAY 2/16
Pres. Obama: Jobs event at DC area training center.
Fed Watch: Kansas City Fed Pres. Thomas Hoenig remarks at the Peterson-Pew Commission on Budget Reform (in DC).
WEDNESDAY 2/17
Economic Reports: Building Permits (for Jan.), Export/Import Prices (for Jan.), Housing Starts (for Jan.), Mortgage Banker’s Assoc’s weekly mortgage application numbers.
Fed Watch: Federal Open Market Cmte. releases minutes from 1/26-27 meeting.
Pres. Obama: Hosts Spain’s King Juan Carlos at the White House.
Historical Note: This day marks the first anniversary of Pres. Obama’s order to increase troops in Afghanistan (from the Council on Foreign Relations’ World Events Calendar).
THURSDAY 2/18
Economic Reports: Initial Unemployment Claims (for 2/13), Producer Price Index (for Jan.).
Pres. Obama: To announce the National Commission on Fiscal Responsibility and Reform to tackle the deficit with former Clinton Chief of Staff Erskine Bowles and former Sen. Alan Simpson (R-WY) heading it up (see CNN’s Ed Henry’s write), then meets with the Dalai Lama then travels to Colorado for a fundraiser for Sen. Michael Bennet (D-CO).[Updated: 2/16].
Fed Watch: Fed Gov. Elizabeth Duke on “Unusual and Exigent: My First Year at the Fed” at the Economics Club of Hampton Roads.
FRIDAY 2/19
Economic Report: Core Producer Price Index (for Jan.).
Pres. Obama: Economic event in Las Vegas with Senate Maj. Leader Harry Reid.
LOOK AHEAD:
February 22nd: Senate reconvenes to take up the jobs bill; House reconvenes as well.
February 22nd: SEC Advisory Cmte. meeting.
February 23rd: House Financial Services Cmte. hearing on the prospects for employment growth – held in advance of Fed Chmn. Ben Bernanke’s semi annual Humphrey-Hawkins testimony on Capitol Hill. [Updated: 2/16].
February 24th: House Financial Services Cmte. hearing on Fed Chmn. Ben Bernanke’s semi annual Humphrey-Hawkins testimony on Capitol Hill. Witness: Bernanke, of course. [Updated: 2/17].
February 24th: Senate Homeland Security and Govt. Affairs Cmte. on 2011 budget. Witness: Homeland Security Secy. Janet Napolitano.
February 24th: House Oversight and Govt. Reform Cmte. on Toyota recalls. Witnesses include: Transportation Secy. Ray LaHood and Toyota’s North America President and CEO Yoshimi Inaba.
February 25th: Pres. Obama proposes to hold bipartisan televised health care summit on this date.
February 25th: House Energy and Commerce Cmte’s Oversight and Investigations Subcmte. on Toyota recalls.
March 1st: Ghost of Enron: Supreme Court hears Skilling v. United States.
March 2nd: House Financial Services Cmte. on the future of housing finance. Witnesses invited include: Treasury Secy. Timothy Geithner and HUD Secy. Shaun Donovan.
March 2nd: Senate Commerce, Science and Transportation Cmte. on Toyota recalls.
HEARINGS NOT YET RESCHEDULED AFTER GETTING SNOWED OUT:
Joint Economic Cmte.: Hearing on job creation. Witnesses include: Congressional Budget Office Director Douglas Elmendorf.
House Hearing: House Appropriations Cmte’s Homeland Security Subcmte on 2011 budget. Witness: Homeland Security Secy. Janet Napolitano.
House Hearing: House Financial Services Cmte. on lending programs for small businesses.
House Hearing: House Homeland Security Cmte on the 2011 budget. Witness: Homeland Security Secy. Janet Napolitano.
Senate Hearing: Senate Homeland Security and Governmental Affairs Cmte. on Christmas bombing attempt of NW Flight 253.
Joint Economic Cmte.: Hearing on Pres. Obama’s economic report. Witnesses include: Council of Economic Advisers Chwmn. Christina Romer.
House Hearing: House Financial Services Cmte. on economic stimulus. Witness: Federal Reserve Chmn. Ben Bernanke.
House Hearing: House Budget Cmte. on the 2011 budget. Witness: Treasury Secy. Timothy Geithner.
