Last week it was all about the ECB, which disappointed on hopes of further rate cuts (leading to the Thursday selloff) but delivered on the delayed realization that the ECB is now greenlighting a tsunami in buybacks (leading to the Friday market surge). This week it is once again all about central banks, only this time instead of stimulus, the risk is to the downside, with the BOJ expected to do nothing at all after the January NIRP fiasco, while the “data dependent” Fed will – if anything – hint at further hawkishness now that the S&P is back over 2,000.
Here are the key upcoming events, summarized by DB’s Jim Reid:
It’s a quiet start to the week today with the only data of note the Euro area industrial production print for January where following the regional readings we saw last week, expectations are for a robust rise. Tuesday kicks off in Japan where we’ll get the important BoJ meeting first thing (no change expected), with Kuroda due to speak after. The European session consists of the final February CPI print for France along with Q4 employment data for the Euro area. The US calendar finally kicks into gear tomorrow after a bit of a lull of late, with February retail sales (expected to be -0.1% mom at the headline, 0.2% mom at the core), February PPI (-0.1% mom headline decline expected), empire manufacturing, NAHB housing market index and January business inventories data all out.
This post was published at Zero Hedge on 03/14/2016.