Monday Morning Meeting Notes (04/10/2023)

General Info:

• The March employment report was largely in-line with expectations as it showed 236,000 new jobs added (vs. expectations of 240,000)
• The labor force participation rate rose from 62.5% to 62.6%, and the unemployment rate declined from 3.6% to 3.5%
• Fun Fact: True to its namesake (the speedy messenger of ancient Roman gods), Mercury is the fastest planet in our solar system. It zips around the Sun at an average of 172,000 kilometers per hour (107,000 miles per hour) — about 65,000 kph (40,000 mph) faster than Earth. A year on Mercury is equal to 88 Earth days

Monday 04/10:

• IMF/World Bank spring meetings will take place in Washington through April 16^th, with hundreds of top global finance officials and central bankers attending

Tuesday 04/11:

• First Republic Bank and Carmax report earnings
• Eurozone retail sales
• China consumer price index (CPI) and producer price index (PPI)
• IMF will release its world economic outlook and global financial stability reports
• USDA’s World Agricultural Supply/Demand Estimates

Wednesday 04/12:

• U.S. CPI data for March
• CPI is expected to rise 0.2% month-over-month, while the year-over-year figure is expected to decline from 6.0% to 5.1%
• Core CPI, which excludes volatile food and energy costs, is expected to rise 0.4% month-over-month, while the year-over-year figure is expected to increase from 5.5% to 5.6%
• The Federal Reserve (Fed) releases the minutes from its March 21^st-22^nd meeting

Thursday 04/13:

• Delta Air Lines reports earnings
• U.S. PPI data for March
• U.S. initial jobless claims and continuing claims data
• Industrial production data for the Eurozone and U.K.
• Germany CPI data for March

Friday 04/14:

• JPMorgan, Wells Fargo, Citigroup, PNC, BlackRock, and UnitedHealth Group report earnings
• U.S. retail sales, business inventories, and industrial production data
• U.S. University of Michigan Consumer Sentiment Index (preliminary April release)
• Spain CPI data for March