Cattle/Meat Industry Hearings Focus of Ag Panels This Week

Vilsack, Regan, other Cabinet members before House Appropriations members

Washington Focus

Lawmakers return from their two-week Easter recess. Democrats are pushing President Biden and party leaders to take quick action on student loans and drug prices to help limit expected Nov. 8 midterm losses. While many progressives want executive action, centrist Democrats say the focus should be on passing bipartisan legislation that can be signed into law, such as a bill designed to help the U.S. compete with China. The last few weeks have seen more up-for-re-election-Democrats move away from President Biden on some issues, notably his immigration policy.

Ag-related hearing focus in Congress will be two cattle/meat industry hearings. On Tuesday, the Senate Ag Committee reviews a revised Senate bill that proposes to establish a regional mandatory minimum threshold for the percentage of cattle purchased under negotiated grid or negotiated pricing terms, to establish five to seven contiguous regions encompassing the continental U.S. for fed cattle reporting purposes, to establish a contract library, and to expand and change certain reporting requirements and data collection for cattle pricing and slaughter. Last week we issued two special reports on the topic — one assessment of the legislation (link) came from a working group of agricultural economists; the other study is an updated report (link) from Texas A&M’s Agricultural and Food Policy Center.

On Wednesday, the House Ag panel will hear from the CEOs of four major meatpackers.

Comments: Sen. Chuck Grassley (R-Iowa) said he is confident he has the votes to get the cattle pricing measure out of the committee and then the full floor. Assuming all Democrats vote in favor, that would mean 10 Republicans would have to agree. Some congressional sources alert to language of another bill establishing a special counsel at USDA for ag competition. Some lawmakers are reportedly pivoting to this versus the spot market measure in the Senate.

The Senate returns Monday to resume considering the nomination of Lael Brainard to be vice chairman of the Board of Governors of the Federal Reserve. At 5:30 p.m. ET, senators will vote on the motion to invoke cloture, or limit debate, on Brainard’s nomination. Senate Majority Leader Chuck Schumer (D-N.Y.) has also filed cloture on the nominations of Lisa Cook to be governor for the Fed and Alvaro Bedoya to be a commissioner for the Federal Trade Commission.

The Senate Ag panel on Friday begins its preparation for the next farm bill with a field hearing in Michigan, home state of Chairwoman Debbie Stabenow. Other regional hearings are expected, and very likely including Arkansas, home state of ranking member Sen. John Boozman.

The House could take up a second spending bill to support Ukraine, which President Biden will send lawmakers this week. Biden when announcing new aid said he’s “almost exhausted the drawdown authority” that Congress authorized in a previous $13.6 billion bill. Speaker Nancy Pelosi (D-Calif.) said she aims to bring a bill to the House floor “as soon as we can.” Drew Hammill, Pelosi’s deputy chief of staff, wrote on Twitter that the speaker “hopes to bring the request to the floor as soon as possible with strong bipartisan support but there’s no specific timeline for a floor vote at this time.”

Regarding the Russia/Ukraine war, the Associated Press confirmed that on Sunday, U.S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin met with Ukrainian President Volodymyr Zelenskyy in Kyiv. The session came the same day the only Ukrainian-born member of Congress called for the U.S. to resume diplomatic services in the country.

A Senate bill requiring greater transparency of financial disclosures for federal judges is expected to get a final vote in the House this week. The House floor vote on the Courthouse Ethics and Transparency Act is expected. If the House passes the Senate version, it would then go to Biden for his signature.

The House will vote on the Global Malnutrition Prevention and Treatment Act, which would authorize the Agency for International Development (AID) to coordinate efforts to prevent and treat malnutrition and require AID to coordinate with other federal agencies.

Fiscal year (FY) 2023 House appropriations hearings continue this week with witnesses including USDA Secretary Tom Vilsack, FDA Commissioner Robert Califf, Interior Secretary Deb Haaland, EPA Administrator Michael Regan, and top administration officials will testify before House appropriators who are starting work on their fiscal 2023 spending bills. (Detailed list in the Events section.)

Homeland Security Secretary Alejandro Mayorkas testifies Wednesday before the House Appropriations subcommittee. Mayorkas continues to face significant opposition from Republicans for the administration’s handling of immigrants crossing the southern border.

The Surface Transportation Board will hold rail shipping hearings Tuesday and Wednesday, with the witnesses including representatives of farm groups, executives from the six Class I railroads and USDA Deputy Secretary Jewel Bronaugh. Farm and food industry groups who are members of the Agricultural Transportation Working Group last week appealed (link) to the board to take steps to address transportation delays and lower rates. The groups urged the board to finalize a proposed rule that would allow shippers that are served by a single railroad to request bids from a nearby competing railroad, or what is known as competitive switching. President Joe Biden last year signed an executive order asking the STB to consider finalizing the competitive switching rule, which says if a shipper opted for the second railroad, the first railroad would have to move the shipper's goods to the second carrier's line — the shipper would pay the cost of getting access to the second line. Link to STB info.

Foreign Policy will host its 2022 Climate Summit virtually on Wednesday and Thursday. The two-day event will focus on climate change, specifically "how to make up for lost time and achieve global commitments collaboratively, innovatively and inclusively." One of the speakers will be John Kerry, the U.S. special presidential envoy for climate. Kerry last week told the Washington Post that he hasn't seen "evidence" yet that current climate pledges are reducing emissions enough to keep the goals on track. And in a separate interview with Bloomberg Television, Kerry said global reliance on natural gas should be limited to about a decade unless the emissions from the fossil fuel are fully captured.

The Hill will virtually host "The Sustainability Imperative" festival on Wednesday and Thursday. The event will focus on topics including clean, sustainable energy, recycling and sustainability goals for the public and private sectors. Featured speakers will include Energy Secretary Jennifer Granholm, Council on Environmental Quality Chair Brenda Mallory and actress and environmental activist Sigourney Weaver.

Former Utah Sen. Orrin Hatch, the longest-serving Republican senator in U.S. history, died in Salt Lake City Saturday at the age of 88. Hatch, the former Senate president pro tempore, served in the chamber for 42 years from 1977 to 2019.

The question of prayer in public schools is next up for the Supreme Court. In 2015, high school football coach Joe Kennedy was told to stop praying on the 50-yard line after games, out of concern that the practice could expose the school to a lawsuit for officially endorsing religion. After he refused and was suspended, he sued alleging violations of his First Amendment rights. The case comes before the justices on Monday.

French President Emmanuel Macron is projected to win a comfortable victory for the presidency, with the centrist cruising to a second term as polls closed across France in Sunday's closely runoff election. Macron, 44, is expected to win a projected 58.2% of the vote after polling suggested a closer race than previously believed against Marine Le Pen, a voice for the French right and fierce critic of Macron's globalist focus, according to French exit polls.

Macron will be the first French president to win a second term since Jacques Chirac in 2002. Around 28% of French voters abstained from voting in the second round on Sunday, up 2.5% from the 2017 presidential election, early numbers suggested, according to France24.

As leader of the party he founded, La Republique En Marche, Macron ran his re-election platform on promises to make France a more self-sufficient country, outlining plans to bolster the country's agricultural and industrial independence, build more nuclear reactors, and strengthen the French military.

White House Chief of Staff Ron Klain pointed to French election results as a good omen for Biden, tweeting, "An interesting observation, just FYI ... Macron appears to have secured a double-digit victory over LePen, at a time when his approval rating is 36%. Hmmm...."

Events on Tap This Week

Besides the two meat industry hearings previously discussed, the focus this week continues on House appropriations hearings. Several are on tap as the events below show.

Monday, April 25

• President Joe Biden hosts the Tampa Bay Lightning hockey team to mark their 2020 and 2021 Stanley Cup Championships.

• French elections. Woodrow Wilson Center's Global Europe Program virtual discussion on “French Elections 2022: Implications for Europe's Future and Place in the World.” Atlantic Council also holds a virtual discussion on “#FranceVotes: Election Roundup.”

• COP27 issues. American Society of International Law virtual discussion on “COP27: African Priorities for an African COP,” referring to the 2022 United Nations Climate Change Conference, which will be held in Sharm el-Sheikh, Egypt on Nov. 7-18, 2022.

• USAID Honduras efforts. U.S. Agency for International Development Administrator Samantha Power and Honduran Foreign Affairs Minister Enrique Reina hold virtual ceremony to commemorate new Development Objective Grant Agreements between the U.S. and Honduras to address migration issues.

• Workforce in the digital age. Washington Post Live virtual discussion on “Future of Work: Retraining for the Digital Age.”

• Minnesota energy issues. Business Council for Sustainable Energy and Clean Energy Economy Minnesota virtual discussion on the 2022 Minnesota Energy Factsheet with a panel of industry experts.

• Chinese treatment of Uyghurs. Woodrow Wilson Center's Kissinger Institute on China and the United States virtual discussion on “Great Wall of Steel: China's Global Campaign to Suppress the Uyghurs.”

• Antimicrobial resistance and food systems. Center for Strategic and International Studies discussion on “AMR (Antimicrobial resistance) as a Global Security Threat: Destabilizing Food Systems and Healthy Communities.”

Tuesday, April 26

• Livestock pricing legislation. Senate Ag Committee hearing on S 4030, the “Cattle Price Discovery and Transparency Act of 2022”; and S 3870, the “Meat and Poultry Special Investigator Act of 2022.”

• Russian invasion of Ukraine: NATO: Henry L. Stimson Center virtual discussion on “Still Fit for Purpose? The U.N. in the Aftermath of Russia's Invasion in Ukraine.”

• Russian invasion of Ukraine: former ambassador views. Atlantic Council virtual discussion with former U.S. Ambassador to Ukraine Marie Yovanovitch.

• Organic Standards Board. USDA’s Agricultural Marketing Service meeting of the National Organic Standards Board, including a discussion and vote on proposed recommendations to the USDA; obtain updates from the National Organic Program on issues pertaining to organic agriculture; and provide feedback on regulatory priorities; runs through Thursday.

• Global energy issues. Center for Strategic and International Studies virtual discussion on “U.S. Responses to the Global Energy Crisis: Increasing Energy Security, Decreasing Emissions.” National Security Council Senior Director for Climate and Energy Melanie Nakagawa delivers keynote remarks.

• Manchin remarks. Sen. Joe Manchin (D-W.Va.) delivers remarks to the American Hospital Association as it holds its 2022 Annual Membership Meeting.

• IMF issues and forecasts. Peterson Institute for International Economics virtual discussion on “The IMF's (International Monetary Fund) evolving views on capital flow management.”

• FDA user fees. Senate Homeland Security and Governmental Affairs Committee hearing on “FDA User Fee Agreements: Advancing Medical Product Regulation and Innovation for the Benefit of Patients, FDA Center Directors.”

• CFPB report to Congress. Senate Banking, Housing and Urban Affairs Committee hearing on “The Consumer Financial Protection Bureau's Semi-Annual Report to Congress.” Consumer Financial Protection Bureau Director Rohit Chopra testifies.

• FY 2023 budget: State Department. Senate Foreign Relations Committee hearing on “Review of the FY 2023 State Department Budget Request.”

• FY 2023 budget: Justice Department. Senate Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee hearing on the FY 2023 Justice Department budget.

• Communications supply chains. Atlantic Council virtual discussion on “Protecting information and communications technology supply chains.”

• Treasury nominations. Senate Banking, Housing and Urban Affairs Committee markup to vote on the nominations of Ventris Gibson, to be director of the U.S. Mint; and Paul Rosen to be assistant Treasury secretary for investment security.

• Energy workforce. Bipartisan Policy Center virtual discussion on “Energy Workforce and Community Participation in the New Energy Economy.”

• U.S./Indo-Pacific strategy. George Washington University Sigur Center for Asian Studies discussion on “The New US Indo-Pacific Strategy.”

• Pandemics and capitalism. Brookings Institution virtual discussion on “Profits and the pandemic: Building a more equitable model of capitalism,” with remarks from National Economic Council Deputy Director Bharat Ramamurti.

• Childcare. Senate Banking, Housing and Urban Affairs Economic Policy Subcommittee hearing on “Child Care and Other Policy Tools to Combat Bottlenecks and Inflation.”

• Regulation and innovation. Organization for Economic Co-operation and Development conference on “Agile Governance for Our Future: Reimagining Regulation to Support Innovation.” Runs through Wednesday.

• Surface Transportation Board (STB) holds a public hearing (April 26 and 27) on recent rail service problems and recovery efforts involving several Class I carriers.

Wednesday, April 27

• Livestock/cattle markets. House Ag Committee hearing on “An Examination of Price Discrepancies, Transparency, and Alleged Unfair Practices in Cattle Markets.”

• Surface Transportation Board continues rail shipping hearing.

• Organic Standards Board. Final day for USDA’s Agricultural Marketing Service holding a meeting of the National Organic Standards Board.

• FY 2023 budget: FDA. House Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on “FY 2023 Budget Request for the Food and Drug Administration (FDA),” with FDA Commissioner Robert Califf.

• FY 2023 budget: SBA. House Small Business Committee hearing on “Small Business Administration’s FY 2023 Budget.” SBA Administrator Isabel Guzman testifies.

• FY 2023 budget: Homeland Security. House Appropriations Homeland Security Subcommittee hearing on “FY 2023 Budget Request for the Department of Homeland Security.” Homeland Security Secretary Alejandro Mayorkas testifies.

• FY 2023 budget: Homeland Security. House Homeland Security Committee hearing on “A Review of the FY 2023 Budget Request for the Department of Homeland Security.” Homeland Security Secretary Alejandro Mayorkas testifies.

• FY 2023 budget: U.S. Forest Service. House Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on “FY 2023 Budget Request for the United States Forest Service.” US Forest Service Chief Randy Moore testifies

• FY 2023 budget: Commerce. Senate Commerce, Science and Transportation Committee hearing on “Department of Commerce FY 2023 Budget Priorities.” Commerce Secretary Gina Raimondo testifies.

• FY 2023 budget: HHS. House Energy and Commerce Health Subcommittee hearing on “The FY 2023 HHS Budget.” HHS Secretary Xavier Becerra testifies.

• FY 2023 budget: Defense. House Budget Committee hearing on the “Department of Defense FY 2023 Budget.” Defense Undersecretary/Comptroller and CFO Michael McCord testifies.

• FY 2023 budget: State Department. Senate Appropriations State, Foreign Operations and Related Programs Subcommittee hearing on the FY 2023 State Department budget.

• FY 2023 budget: U.S. Army Corps of Engineers. House Appropriations Energy and Water Development, and Related Agencies Subcommittee of House Appropriations Committee hearing on “FY 2023 Budget Request for the US Army Corps of Engineers and Bureau of Reclamation.”

• Climate issues. Foreign Policy virtual climate summit on “The Transition to Net Zero: Making Good on COP26 Commitments.” Includes remarks from John Kerry, special representative for climate at the State Department, discusses “What Will it Take to Get to Net Zero.” Runs through Thursday.

• Regulation and innovation. Final day of the Organization for Economic Co-operation and Development conference on “Agile Governance for Our Future: Reimagining Regulation to Support Innovation.”

• CFPB report to Congress. House Financial Services Committee hearing on “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.”

• China actions in Xinjiang. Georgetown University virtual discussion on “China's Xinjiang Region: How Should the International Community Respond?”

• CPSC focus. Consumer Product Safety Commission public hearing to receive views and comments about the commission's agenda and priorities for FY 2023.

• U.S. vs China. Peterson Institute for International Economics virtual discussion on “The United States vs. China: The Quest for Global Economic Leadership.”

• Investments in competition. Joint Economic Committee hearing on “Building on a Strong Foundation: Investments Today for a More Competitive Tomorrow.”

• Clean energy and the electric grid. Atlantic Council virtual discussion with National Grid CEO John Pettigrew on “energy security and climate action,” focusing on hydrogen and offshore wind.

• Energy infrastructure needs. House Science, Space and Technology Energy Subcommittee hearing on “Science and Energy Research Infrastructure Needs of the U.S. Department of Energy.”

• African trade. House Foreign Affairs Africa, Global Health, Global Human Rights Subcommittee hearing on “Understanding the African Continental Free Trade Area and How the U.S. Can Promote its Success.”

• Covid response. Federal Emergency Management Agency meeting under the Pandemic Response Voluntary Agreement Under Section 708 of the Defense Production Act to establish a national strategy for the coordination of national multimodal healthcare supply chains to respond to Covid-19, to implement the Voluntary Agreement for the manufacture and distribution of critical healthcare resources necessary to respond to a pandemic.

• Hospitals and food security. U.S. News & World Report virtual discussion on “How Hospitals Are Combating Food Insecurity and Addressing Hunger.”

• Maritime advisory panel. Federal Maritime Commission meeting of the National Shipper Advisory Committee.

• Green hydrogen. Environmental and Energy Study Institute virtual briefing on “Green Hydrogen: Scaling Up Innovation to Drive Down Emissions.”

• Covid recovery. Brookings Institution virtual forum on “Recession remedies: Lessons learned from the U.S. economic policy response to Covid-19.”

• Government response to global crises. CQ Roll Call and FiscalNote webinar on “Government Affairs During a Global Crisis: How to Prepare for the Unknown.”

• Infrastructure and highway workers. House Transportation and Infrastructure Highways and Transit Subcommittee hearing on “Examining Workforce Development and Job Creation in Surface Transportation Construction.”

• Sustainable ecosystems. The Hill symposium via webcast on “The Sustainability Imperative,” examining the roles of policy leaders and practitioners in the sustainability ecosystem.

• SBA oversight. Senate Small Business and Entrepreneurship Committee hearing on “Oversight of the U.S. Small Business Administration.” SBA Administrator Isabel Guzman testifies.

Thursday, April 28

• SNAP program. House Ag Committee hearing on “A 2022 Review of the Farm Bill: The Supplemental Nutrition Assistance Program.”

• Wildlife surveillance and pandemics. House Natural Resources Oversight and Investigations Subcommittee hearing on “Preventing Pandemics through U.S. Wildlife-borne Disease Surveillance.”

• FY 2023 budget: USDA. House Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on the FY 2023 Agriculture Department budget. USDA Secretary Tom Vilsack testifies.

• FY 2023 budget: Energy. House Appropriations Energy and Water Development, and Related Agencies Subcommittee hearing on “FY 2023 Budget Request for the Department of Energy” Energy Secretary Jennifer Granholm testifies.

• FY 2023 budget: Energy. House Energy and Commerce Energy Subcommittee hearing on “The FY 2023 DOE (Energy Department) Budget.” Energy Secretary Jennifer Granholm testifies.

• FY 2023 budget: Interior. House Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on “FY 2023 Budget Request for the United States Department of the Interior.” Interior Secretary Deb Haaland testifies.

• FY 2023 budget: Education. House Appropriations Labor, Health and Human Services, Education and Related Agencies Subcommittee hearing on “FY 2023 Budget Request for the Department of Education.” Education Secretary Miguel Cardona testifies.

• FY 2023 budget: State Department. House Appropriations State, Foreign Operations and Related Programs Subcommittee hearing on “FY 2023 Budget Request for the Department of State.” Secretary of State Antony Blinken to testify.

• FY 2023 budget: Veterans Affairs. House Veterans' Affairs Committee hearing on “US Department of Veterans Affairs Budget Request for FY 2023.” Veterans Affairs Secretary Denis McDonough testifies.

• FY 2023 budget: FDA. Senate Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on the FY 2023 Food and Drug Administration budget.

• FY 2023 budget: HHS. House Ways and Means Committee hearing on the president's proposed FY 2023 Health and Human Services budget. HHS Secretary Xavier Bacerra testifies.

• FY 2023 budget: Transportation. Senate Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee hearing on FY 2023 Transportation Department budget.

• FY 2023 budget: State Department. House Foreign Affairs Committee hearing on “The State Department's Foreign Policy Priorities and the FY 2023 Budget Request.”

• FY 2023 budget: Cybersecurity. House Appropriations Homeland Security Subcommittee on “FY 2023 Budget Request for the Cybersecurity and Infrastructure Security Agency.” Cybersecurity and Infrastructure Security Agency Director Jen Easterly testifies.

• FY 2023 budget: Justice. House Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee hearing on the “FY 2023 Budget Request for the Department of Justice.” Attorney General Merrick Garland testifies.

• U.K. financing. Atlantic Council virtual discussion on “The Future of United Kingdom Banking and Finance.”

• COP26 commitments. Foreign Policy virtual climate summit on “The Transition to Net Zero: Making Good on COP26 Commitments,” including a session on “The Future of Food — How Carbon Farming Can Help Address Climate & Food Security.”

• Sustainability. Peterson Institute for International Economics virtual discussion on “The new International Sustainability Standards Board's first proposals.”

• Carbon storage undersea. House Natural Resources Energy and Mineral Resources Subcommittee hearing on “The Opportunities and Risks of Offshore Carbon Storage in the Gulf of Mexico.”

• Financial crimes. House Financial Services Committee hearing on “Oversight of the Financial Crimes Enforcement Network.”

• Climate action. House Science, Space and Technology Committee hearing on “Now or Never: The Urgent Need for Ambitious Climate Action.”

• Merger guidelines. Information Technology and Innovation Foundation virtual discussion on “Chief Economists' Perspectives on Horizontal Merger Guidelines,” as part of the Dynamic Antitrust series.

• Homeland Security oversight. House Judiciary Committee hearing on “Oversight of the Department of Homeland Security.”

• Energy nomination. Senate Energy and Natural Resources Committee markup to vote on the nomination of Kathryn Huff to be assistant Energy secretary for nuclear energy.

• Organic Standards Board. Final day of USDA’s Agricultural Marketing Service meeting of the National Organic Standards Board.

• Trump administration Covid response. Washington Post Live virtual discussion with former White House Coronavirus Task Force Coordinator Deborah Birx, author of “Silent Invasion: The Untold Story of the Trump Administration, Covid-19, and Preventing the Next Pandemic Before It's Too Late.”

Friday, April 29

• Next farm bill. Senate Ag Committee field hearing on “Growing Jobs and Economic Opportunity: 2023 Farm Bill Perspectives from Michigan.”

• FY 2023 budget: EPA. House Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on “FY 2023 Budget Request for the Environmental Protection Agency.” EPA Administrator Michael Regan testifies.

• Next steps on Covid. National Press Club Newsmaker Program discussion with Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases and chief medical advisor to the president, on the new phase for the coronavirus pandemic.

• Trump administration Covid response. House Oversight and Reform Coronavirus Crisis Subcommittee hearing on “Ensuring Scientific Integrity at Our Nation's Public Health Agencies.”

• Modernizing Congress. CQ RollCall virtual discussion on “Modernizing Congress: Moving the House Forward.”

• India and clean energy. Center for Strategic and International Studies virtual discussion on “India's Transition to a Carbon Neutral Future: Challenges Facing Its Utilities and Grid Operators.”

• Global climate action. House Foreign Affairs Committee hearing on “Fostering American Competitiveness Global Climate Action.”

• NATO and China. McCain Institute virtual discussion “NATO & China: Has a European War Changed NATO's Approach to China?”

Economic Reports for the Week

Economic indicators to watch this week: First-quarter GDP figures come out on Thursday, and the personal consumer expenditures index, which is the Fed's preferred measure of inflation, comes out on Friday.

Monday, April 25

Mar. Chicago Fed National Activity Index for March.
Dallas Fed Manufacturing Survey for April

Tuesday, April 26

Conference Board releases its Consumer Confidence Index for April. Consensus estimate is for a 108 reading, about one point more than the March figure.
Census Bureau releases the durable goods report for March. Economists forecast new orders for durable manufactured goods to rise 1% month over month to $274 billion.
Census Bureau reports residential sales statistics for March. Expectations are for a seasonally adjusted annual rate of 767,500 new single-family homes sold, roughly even with February’s data.
Case-Shiller Home Price Index
FHFA House Price Index
Richmond Fed Manufacturing Index

Wednesday, April 27

MBA Mortgage Applications
International Trade in Goods (Advance)
Retail Inventories (Advance)
Wholesale Inventories (Advance)
Pending Home Sales Index
State Street Investor Confidence Index

Thursday, April 28

Jobless Claims
GDP: Bureau of Economic Analysis (BEA) releases the advance estimate for first-quarter gross domestic product. Consensus estimate is for a 1.7% seasonally adjusted annual growth rate, a sharp deceleration from the fourth quarter’s 6.9%. The headline figure will likely reflect slower inventory accumulation among businesses and a growing trade imbalance, masking relative strength in consumer spending, business investment and real estate.
Kansas City Fed Manufacturing Index
Fed Balance Sheet
Money Supply
Bank of Japan is expected to leave its ultralow interest-rate targets unchanged. Japan’s economy remains smaller than its prepandemic level, while “cost-push” inflation is hurting corporate profits as Japanese companies struggle to pass on the higher cost to consumers.

Friday, April 29

Personal consumption expenditures (PCE) index for March. The Fed's preferred inflation gauge is likely to show another month of fast-rising prices, yet another data point central bank officials will weigh as they consider how far and how fast to raise interest rates.
Institute for Supply Management releases its Chicago Purchasing Managers’ Index for April. Economists forecast a 62.2 reading, slightly lower than March’s 62.8 figure.
BEA reports personal income and expenditures for March. Income is expected to rise 0.4% month over month while spending is seen increasing 0.6%. This compares with rises of 0.5% and 0.2%, respectively, in February.
The U.S. employment cost index — a measure of wages and benefits paid by employers — for the first quarter is expected to show another stretch of strong wage gains, “providing the Fed with more evidence that a tight labor market is contributing to the 40-year high for inflation,” according to the WSJ.
Consumer Sentiment
Figures released by the European Union’s statistics agency are expected to signal a darkening outlook for the eurozone economy following Russia’s invasion of Ukraine, with growth weakening again in the first quarter, and the annual rate of inflation remaining high in April. Economists expect the inflation rate to hit a record of 7.5%, up from 7.4% in March.

Key USDA & international Ag & Energy Reports and Events

Of note this week: USDA on Monday releases updated (and likely higher) food price forecasts. The European Commission will publish its report on crop conditions on Tuesday, the same day the Geneva Sugar Conference begins. Archer-Daniels-Midland will announce earnings results, while Statistics Canada is set to release its data on the seeded area for wheat, barley and canola.

Monday, April 25

Ag reports and events:

Export Inspections
Crop Progress
Food Price Outlook
Peanut Stocks and Processing
Poultry Slaughter
Malaysia’s April 1-25 palm oil export data
Holiday: Australia, New Zealand, Egypt