What's Ahead?

Good question. Aside from the all-week technology shindig in Vegas, this is December Jobs Week. While markets will take a day off to observe the National Day of Mourning for President Carter on Thursday, and that will move the weekly data on jobless claims up to Wednesday, the release of the two BLS surveys remains unimpacted on Friday morning. Right now, I am looking for Non-Farm Payroll growth of 152K seasonally adjusted jobs with participation rising, unemployment staying put at 4.2%, but a rise in underemployment. Wage growth should hold steady at 4%.

Lastly, and I don't really know how important this is, is the amount of Fed speakers who will be out and about on Thursday. The Fed has largely been missing in action over the past two weeks, I guess enjoying the holiday season. We'll hear from Governor Lisa Cook this morning, Richmond Fed Pres, Tom Barkin tomorrow and then Gov. Chris Waller on Wednesday. Then, the FOMC Minutes from the last meeting will print on Wednesday afternoon.

Finally, with US financial markets closed on Thursday, and very little heard from this group for weeks, we have at least four public appearances lined up. Joining Barkin who will speak on Tuesday and also spoke last week, will be Philadelphia Fed Pres. Patrick Harker, Kansas City Fed Pres. Jeffrey Schmid and Fed Gov. Michelle Bowman. Why would this group come teeming out of their cages on a day that markets are closed after hiding in the hovels for weeks? Maybe it's nothing. Maybe it's something. Keep it in the back of your minds as we progress through the week,