Wall St The Week Ahead: Federal Reserve chair Yellen in investors’ focus
FOR US stock investors, the main event will be Federal Reserve Chair Janet Yellen’s return trip this week to Capitol Hill. Wall Street will hang on her every word about the weather, of all things, when she goes before the Senate Banking Committee to complete her semi-annual testimony about monetary policy.
Yellen will speak to the Senate panel on Thursday, when she will give the second part of her comments on monetary policy. Yellen, whose speech was postponed by bad weather, has already reassured Wall Street that the Fed would not make any changes to its schedule for trimming its stimulus.
Snowstorms and ice have repeatedly slowed travel and commerce this winter in the Northeast, the South and the Midwest, with the impact rippling through recent economic data and companies’ first-quarter profit warnings.
On Friday a preliminary reading on gross domestic product for the final three months of 2013 is due. The data is expected to show US economic growth at an annualised rate of 2.5 per cent in the fourth quarter, down from a previous reading of 3.2 per cent.
This week’s economic calendar includes consumer confidence, new home sales and several other reports on the housing market, durable goods orders, as well as the final February reading on consumer sentiment.
Retailers set to report earnings this week include Home Depot, Lowe’s Companies, Target, Macy’s, TJX Companies, JC Penney, Best Buy and Gap.