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Hawks Rising

| Posted by: Paul Donovan | Tags: Paul Donovan

  • Fed President Bullard argued that rates should go up in April (because of inflation) and that publishing the dot forecasts was silly. He also suggested he had contemplated unilaterally not contributing to the dots.
  • US capital goods data is due today – one problem with measuring capital goods is distinguishing capital from consumer goods. The way we work has changed, and the data definitions have not caught up to that fact.
  • Weidmann of the Bundesbank and ECB was sounding quite Bullard-like yesterday (the ECB has gone "too far"). We get consumer confidence from the Germans today – supported by a reasonably strong economy, perhaps tempered by political concerns.
  • The UK and Italy are offering retail sales figures – the UK is expected to moderate but still point to a robust level of economic growth. The Italian data is not likely to offer the same sort of signal.