The blessing of President Trump's agenda
- US President Trump's first full cabinet meeting saw each member praise Trump's leadership and offer thanks for the blessing of working for Trump's agenda. Attorney General Sessions appears before Congress on the Russian question today. Despite Trump's claim to have "passed more legislation" than almost any president, political theatre is a potential delay to Trump's agenda.
- It seems safe to assume that few members of the UK Conservative Party offered thanks to Prime Minister May at a meeting yesterday, but it also seems unlikely that there will be any move to replace the prime minister in the near term. The government's legislative agenda is delayed while negotiations for support continue.
- The German ZEW survey of business sentiment is due. Economic gravity will have to be brought to bear on the exaggerated sentiment data in the Euro area at some point, but probably not yet. The US NFIB small business sentiment survey is also expected.
- UK consumer and retail price inflation is likely to continue to show the delayed effects of sterling weakness. The question is whether moderating consumer demand leads to a return of more aggressive pricing by UK retailers. US producer price inflation is also scheduled.