A look at what's coming up
The third week of the year is a big one for US economic calendar and that should put some focus back on the economy even as the geopolitical pot continues to stir.
Monday is quiet aside from the US monthly budget statement, which is a reminder that growth fueled by 5% deficits of GDP won't last forever.
The calendar picks up Tuesday with CPI. That's another look at US earnings as well. Note that CPI is significantly higher than PCE inflation, which is the Fed's preferred measure. The consensus for CPI is +2.3% y/y.
On Wednesday, the PPI report is out but the focus will be on the struggling manufacturing sector and the Empire Fed, along with the Beige Book. That's also the day the US and China are slated to sign the phase one trade deal.
Thursday is a big one with the December retail sales report. The Christmas report is the most-important one of the year and this year that's especially true because November was soft. The thinking there was because of a late-November Black Friday. We also get the Philly Fed.
Friday the focus stays on the consumer with the U Mich consumer sentiment survey. We also get housing starts and JOLTS.
Don't forget that next week earnings also kick off. Here's a glace at some companies who will report.
