Monday Morning Meeting Notes (02/20/2023)

General Info:

• U.S. consumer price index (CPI) data for January rose 0.5% month-over-month and 6.4% year-over-year
• Core CPI, which excludes volatile food and energy costs, rose 0.4% month-over-month and 5.6% year-over-year
• When combining this CPI report with the employment report that showed 517,000 new jobs were added in January, it appears that the Federal Reserve will need to continue to raise rates
• Fun Fact: Whereas humans can process three channels of color (red, green, and blue), the mantis shrimp perceives the world through 12 channels of color and can detect ultra violet (UV) and polarized light, aspects of light that humans can’t see with the naked eye

Monday 02/20:

• U.S. markets are closed for the Presidents Day holiday
• The holiday was originally created to honor George Washington’s birthday, but did you know that his birthday changed? Washington was born February 11, 1731 under the Julian calendar, which the British empire used at the time. In 1752, the U.S. territory switched to the Gregorian calendar, so Washington changed his birthday to February 22^nd to match the new calendar
• In 1971, the federal holiday was shifted to the third Monday in February, which places it between February 15^th-21^st and means we no longer celebrate on Washington’s birthday
• Eurozone consumer confidence data for February

Tuesday 02/21:

• Mardi Gras/Fat Tuesday – the first Mardi Gras parade was held in New Orleans on February 24, 1857
• S&P Global Services PMI data for the U.S., Eurozone, U.K. Germany, and France
• S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K. Germany, and France
• Jibun Bank Manufacturing and Services PMI data for Japan
• U.S. existing home sales for January

Wednesday 02/22:

• The Federal Reserve releases the minutes from its January 31^st-February 1^st monetary policy meeting
• Germany CPI data for January

Thursday 02/23:

• Second reading of U.S. Q4 2022 GDP growth, which is expected to remain at the previously reported 2.9%
• G-20 finance minsters and central bank governors meet in Bengaluru, India
• Eurozone CPI data for January
• Taiwan industrial production data for January

Friday 02/24:

• U.S. personal consumption expenditure (PCE) data for January
• PCE is expected to have grown by 0.5% month-over-month and 5.0% year-over-year
• Core PCE, which excludes volatile food and energy costs, is expected to have grown by 0.4% month-over-month and 4.3% year-over-year
• U.S. personal income and spending data for January
• U.S. new home sales for January
• Japan CPI data for January