A big week ahead for the markets and one that could impact the presidential horserace. First off, already today, pending home sales handily beat expectations, coming in at a seven-month high. That metric matters because it is the only forward-looking number in the residential real estate industry. Unfortunately, personal spending was revised down for January, significantly so. Guess those macro economists will have to continue looking for better household spending.
On Tuesday, consumer confidence numbers, and a speech by Janet Yellin, Federal Reserve chairman at the Economic Club of New York (hang on to your bond coupons!). Yellin isn't the only Fed official going public this week. Dallas Fed President Rob Kaplan speaks at two venues Tuesday, and San Francisco Fed President John Williams is at the dias Tuesday as well. Chicago Fed President Charles Evans speaks Wednesday and Cleveland Fed President Loretta Mester speaks Friday.
The big kahuna report is the March jobs report released Friday. Consensus on Wall Street is for the addition of 185,000 jobs. My attention will be riveted on income and wages. Why? Because we NEED better income and wages!!