Lawmakers Return to Limited Agenda as House Continues Impeachment Inquiry

Posted on 10/14/2019 5:49 AM

2018 Farm Bill implementation | Nominees | World Bank, IMF meetings

 


Lawmakers return Tuesday with very little being done lately as the House Democrats continue to focus on their impeachment inquiry while the Senate will continue to take up several nominees. The Senate Ag Committee on Thursday holds a hearing on implementing the 2018 Farm Bill, with the key witness being USDA Deputy Secretary Steve Censky. On Tuesday, the annual multi-day meetings of the World Bank and the IMF commence in Washington.
 

 

 

Congress returns Tuesday from a two-week recess.

 

The House will consider legislation requiring the SEC to assess materials brokers provide to retail investors, as well as a bill that would require publicly trading companies to disclose where their jobs are located.

 

Senate continues work on nominees, including Barbara Barrett to be Secretary of the Air Force.

 

Sanctions on Turkey. Sens. Lindsey Graham (R-S.C.) and Chris Van Hollen (D-Md.) are set to push bipartisan legislation to sanction Turkey in response to its incursion into Syria; lawmakers in the House also have proposed a sanctions bill.

 

Implementing the 2018 Farm Bill is the topic of a Senate Ag Committee hearing Thursday, with the key witness being USDA Deputy Sec. Steve Censky.

 

On Friday, U.S. tariffs on billions of dollars of EU products take effect.

 

On Tuesday, the annual meetings of the World Bank and IMF take place n Washington; through Oct. 19.

 

Economic updates for the week include:

 

Tuesday:
— Federal Reserve Bank of New York releases its Empire State Manufacturing Index for October. Economists forecast a 0.4 reading, roughly even with the previous three month’s data — which all suggest sluggish growth in the region’s manufacturing sector.

Wednesday:
— Census Bureau reports Retail Sales data for September. Consensus estimates are for 0.3% gain after a 0.4% rise in August. Excluding autos, retail sales are expected to jump 0.2% after a flat August.

— National Association of Home Builders releases its NAHB/ Wells Fargo Housing Market Index for October. Expectations are for a 68 reading, even with September’s figure.
— MBA Mortgage Application
— Business Inventories report will likely show inventories rose 0.2% in August.
— Atlanta Fed Business Inflation Expectations
— Federal Reserve Beige Book
— Treasury International Capital

Thursday:
— Census Bureau reports new residential construction data for September. Expectations are for a seasonally adjusted annual rate of 1.35 million building permits and 1.3 million housing starts. Both figures would be about 5% lower than August’s data.
— Weekly Jobless Claims
— Philadelphia Fed Business Outlook Survey
— Industrial Production
— Fed Balance Sheet
— Money Supply

Friday:
— Conference Board releases its Leading Economic Index for September. Economists forecast a 112.2 reading, little changed from the data for July and August. “The recent trends in the LEI are consistent with a slow but still expanding economy,” according to Ataman Ozyildirim, senior director of economic research at The Conference Board.

 

Fed speakers on tap:  

 

Tuesday:
— St. Louis Federal Reserve Bank President James Bullard speaks about "The Federal Reserve's Monetary Policy Options" at the 2019 Monetary And Financial Policy Conference in London, England.
— Atlanta Federal Reserve Bank President Raphael Bostic participates in moderated Q&A on community development at the Purpose Built Communities conference.
— San Francisco Federal Reserve Bank President Mary Daly speak at the Los Angeles World Affairs Council and Town Hall in Los Angeles, California.

Wednesday:
— Chicago Federal Reserve Bank President Charles Evans speaks about current economic conditions and monetary policy in a moderated discussion at the Greater Peoria Development Council in Peoria, Illinois.

Thursday:
— Chicago Federal Reserve Bank President Charles Evans speaks at the "Fed Listens: Monetary Policy's Impact on Workers and Their Communities" event in Chicago, Illinois.
— New York Federal Reserve Bank President John Williams delivers the keynote address and participate in a moderated discussion at Managed Funds Association Outlook 2019 Conference in New York, N.Y.

Friday:
— Kansas City Federal Reserve Bank President Esther George speaks at a Conference on Energy and the Economy, in Denver, Colorado.
— Dallas Federal Reserve Bank President Robert Kaplan speaks at a Conference on Energy and the Economy, in Denver, Colorado.
— Minneapolis Federal Reserve Bank President Neel Kashkari speaks at the Federal Home Loan Bank of Des Moines Annual Leadership Summit in Bloomington, Minnesota.

 

Key USDA & international ag and energy-related reports and events on tap: 

 

Monday, Oct. 14


Ag reports and events:

  • Holiday: Markets are closed in Canada for Thanksgiving holiday; U.S. markets mostly open for Columbus Day.
  • EU weekly grain, oilseed import and export data
  • China soybean imports for Sept.

UN FAO’s State of Food and Agriculture report, Rome
 

Tuesday, Oct. 15


Ag reports and events:

  • Export Inspections
  • Crop Progress
  • Cotton & Wool Outlook
  • Oil Crops Outlook
  • Feed Outlook
  • Rice Outlook
  • Wheat Outlook
  • Day 1 of two-day World Agri-Tech Innovation Summit, London

Energy reports and events:

  • API weekly U.S. oil inventory report

Wednesday, Oct. 16

 

Ag reports and events:

  • Broiler Hatchery
  • Feed Grains: Yearbook Tables
  • Season Average Price Forecast
  • Turkey Hatchery

Thursday, Oct. 17


Ag reports and events:

  • Livestock, Dairy, and Poultry Outlook
  • Sugar Outlook
  • Future Food-Tech Innovation & Investment From Farm to Fork, London, 2 days

Energy reports and events:

  • EIA Petroleum Status Report
  • Weekly Ethanol Production
  • EIA Natural Gas Report

Friday, Oct. 18


Ag reports and events:

  • CFTC weekly commitments of traders report on various U.S. futures and options contracts.
  • Weekly Export Sales
  • Peanut Prices
  • Port of Rouen data on French grain exports

Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts

 

Other reports and events this week include:

 

Monday, Oct. 14

  • Holiday. U.S. markets are mostly open in observance of Columbus Day, while Canadian bourses are closed in observance of Thanksgiving.
  • Ethanol issues. U.S. Grains Council holds its 2019 Global Ethanol Summit, October 14-15.

Tuesday, Oct. 15

  • World Bank and IMF annual meetings in Washington; through Oct. 19.
  • Organic standards. USDA’s Agricultural Marketing Service holds a meeting by teleconference of the National Organic Standards Board on the development of standards for substances to be used in organic production. Agenda includes: Discuss and vote on proposed recommendations to the USDA; Receive updates from the USDA National Organic Program (NOP) on issues pertaining to organic agriculture; and Receive comments from the organic community.
  • China defense and security. The Jamestown Foundation holds its ninth annual China Defense and Security Conference.
  • Middle East policy. Hudson Institute holds a discussion on “After the Syrian Pullback: What Next for U.S. Middle East Policy?”
  • U.S.-Japan. Henry L. Stimson Center holds a discussion on “Voices from Japan: Japan’s National Security Policy and the U,S.-Japan Alliance in the 2020s.”
  • Trade policy. Federalist Society for Law and Public Policy Studies discussion on “Trade: Reinvigorating American Leadership in the 21st Century.”
  • Border security. Heritage Foundation and the Texas Public Policy Foundation hold a discussion on “Securing the Border and Restoring Law and Order.”

Wednesday, Oct. 16

  • Consumer protection. House Energy & Commerce Communications and Technology Subcommittee and Consumer Protection and Commerce Subcommittee joint hearing on "Fostering a Healthier Internet to Protect Consumers."
  • Economic resiliency. House Budget Committee hearing on "Strengthening Our Fiscal Toolkit: Policy Options to Improve Economic Resiliency."
  • Food & Nutrition Service. House Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on "Food and Nutrition Service: Policy and Program Overview."
  • SBA. House Small Business Committee hearing on "SBA (Small Business Administration) Management Review: SBA IG Report on the Most Serious Management and Performance Challenges Facing the SBA."
  • School lunches. House Education and Labor Civil Rights and Human Services Subcommittee hearing on "Examining the USDA's Proposed Cuts to Free School Meals."
  • Aquaculture. Senate Commerce, Science and Transportation Committee hearing on "Feeding America: Making Sustainable Offshore Aquaculture a Reality."
  • Economic inequality. Joint Economic Committee hearing on "Measuring Economic Inequality in the United States."
  • ECB discussion. Brookings Institution discussion with European Central Bank Chief Economist Philip Lane.
  • Policy & uncertainty. George Washington University (GWU) Elliott School of International Affairs discussion on "Policy-making in a World of Greater Uncertainty."

Thursday, Oct. 17

  • Farm bill implementation. Senate Agriculture Committee hearing on "Implementing the 2018 Farm Bill." Witness: USDA Deputy Sec. Steve Censky.
  • Farm bill research programs. House Ag Biotechnology, Horticulture and Research Subcommittee hearing on "Implementation of USDA Farm Bill Research Programs."
  • Net zero emissions. House Natural Resources Energy and Mineral Resources Subcommittee hearing on "The Case for Climate Optimism: Realistic Pathways to Achieving Net Zero Emissions."
  • China maritime silk road initiative. House Transportation & Infrastructure Coast Guard and Maritime Transportation Subcommittee hearing on "China's Maritime Silk Road Initiative: Implications for the Global Maritime Supply Chain."
  • Cutting carbon emissions. Senate Environment & Public Works Clean Air and Nuclear Safety Subcommittee hearing on reducing emissions while driving economic growth, focusing on industry-led initiatives.
  • SPR. Senate Energy and Natural Resources Committee hearing on the status of the Strategic Petroleum Reserve (SPR) and related energy security issues.
  • China’s Xinjiang province. Congressional-Executive Commission on China (CECC) holds a hearing on "Forced Labor, Mass Internment, and Social Control in Xinjiang."

Friday, Oct. 18

  • Online platforms. House Judiciary Antitrust, Commercial and Administrative Law Subcommittee hearing on "Online Platforms and Market Power, Part 3: The Role of Data and Privacy in Competition."
  • U.S.-Mexico opportunities. Atlantic Council holds a discussion on "Unleashing U.S.-Mexico Opportunities."
  • U.S.-Southeast Asia trade. East-West Center in Washington discussion on "Neither Decline nor Displacement: America's Trade Success with Southeast Asia."
  • U.S. tariffs on billions of dollars of EU products take effect.

 

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