By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
- The economic calendar is busy with top-tier data releases. ISM is expected at 58 on Tuesday with the prices-paid component remaining elevated from last month. On Friday, the employment report for February will be released. Non-farm payrolls are expected to be up 400,000 and the unemployment rate to drop to 3.9%. That will tie the lowest unemployment reading since the pandemic started. Despite the current strong labor market, total employment levels remain more than 1.6 million jobs below the December 2019 peak.
- Inflation in general and energy prices in particular will be closely watched. On Wednesday, OPEC meets and could announce production increases as oil prices have been climbing steadily on fears that sanctions on Russia could cause an energy crisis. Russia’s attack on the Ukraine has rippled across commodity markets including energy, metals, and grains and further heightened inflation concerns.
- There is a heavy dose of Fed speakers this week highlighted by Fed Chairman Jerome Powell on Wednesday, testifying before the House Financial Services Committee. The Beige Book is also set to be released on Wednesday.
Three Things to Know
- The Mriya aircraft has been rumored to be destroyed or damaged during the fighting in Ukraine. The Antonov An-225 Mriya was built in Kiev, Ukraine while it was still a part of the Soviet Union as a strategic airlift cargo aircraft. It has an empty weight 314 tons and a wingspan of 290 feet. It is the heaviest aircraft ever built. It also has the largest wingspan of any functional aircraft. Two were started, but only one completed. (Source: worldatlas.com)
- Russia is the third-largest producer of oil worldwide, accounting for over 12 percent of global crude oil production. (Source: Statista)
- The housing boom continues with U.S. Home Prices hitting all-time highs again, up 19% over the past year. Home prices in the U.S. have more than doubled since 2012. (Source: Charlie Bilello)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.