Monday Morning Meeting Notes (03/04/2024)

General Info:

• U.S. personal consumption expenditures (PCE) rose in-line with expectations
• PCE rose 0.3% month-over-month and 2.4% year-over-year in January
• Core PCE, which excludes volatile food and energy costs and is the Federal Reserve’s preferred inflation measure, rose 0.4% month-over-month and 2.8% year-over-year
• Not all good news - under the surface, one of the “stickier” measures known as Services Sector PCE rose 0.6% month-over-month and marked the largest monthly increase since June 2022
• Fun Fact: Did you know the official bird of Redondo Beach, California, is the Goodyear Blimp? In 1983, the coastal city made the Goodyear Blimp their official city bird in anticipation of the 1984 Summer Olympics. The city even presented a plaque to a team from Goodyear Airship Operations to celebrate

Monday 03/04:

• Sea Limited reports earnings
• South Korea industrial production data for January

Tuesday 03/05:

• Super Tuesday in the U.S., where more than a dozen states hold Democratic and Republican primaries
• CrowdStrike Holdings, Target, Ross Stores, and Ferguson PLC report earnings
• S&P Global Services PMI data for the U.S., Eurozone, and U.K.
• China Caixin Services PMI data for February
• China begins its 14^th National People’s Congress, its annual parliamentary gathering, in Beijing

Wednesday 03/06:

• JD.com and Brown Forman Corp report earnings
• Fed Chair Jerome Powell testifies before the House Financial Services Committee
• The Fed issues its Beige Book survey of regional economic conditions
• U.K. Chancellor Jeremy Hunt unveils the annual budget
• Eurozone retail sales for January
• South Korea consumer price index (CPI) for February

Thursday 03/07:

• Broadcom, Costco, Petrobras, Kroger, DocuSign, and ABM Industries report earnings
• President Biden to deliver the State of the Union address
• Fed Chair Jerome Powell testifies before the Senate Banking Committee
• European Central Bank (ECB) monetary policy meeting, which will be followed by President Christine Lagarde’s press conference
• The ECB’s main refinancing rate is expected to remain steady at 4.50%
• U.S. initial jobless claims and continuing claims data
• China trade and foreign exchange reserves data for February
• Chile copper exports for February
• Germany factory orders for January

Friday 03/08:

• International Women’s Day
• U.S. employment report for February, which is expected to show 190,000 new jobs added
• The unemployment rate is expected to remain steady at 3.7%
• Eurozone GDP for Q4 2023 (final reading)
• Japan household spending and balance of payments data for January