European Central Bank meeting main focus of week ahead
WEEKLY MARKET COMMENTARY |
The major economics-related event this week will probably be the Jan. 22 meeting of the European Central Bank (ECB) where Mario Draghi is expected to announce a plan for the ECB to begin purchasing sovereign bonds. The decision by the Swiss National Bank to remove its self-imposed cap on the Swiss franc was widely interpreted as a sign that the ECB is preparing to act, which further roiled global currency markets last week.
In the U.S., a holiday-shortened week will feature fresh information on the U.S. housing market, jobless claims and business conditions in the manufacturing sector. The only central banker scheduled to speak is Federal Reserve Governor Jerome Powell on Jan. 20, who will give a speech and take questions from the audience. The U.S. Treasury will sell 15 billion in 10-Year Treasury inflation protected securities on Jan. 22.