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| Partial Government Shutdown / Cropped Photo: Bjoertvedt / Wikimedia / CC BY-SA 3.0 / (MGN) |
This week the U.S. financial markets will get a big dose of economic data along with a central bank meeting. The week features the two-day Fed meeting which kicks off on Tuesday and ends Wednesday with the monetary policy statement release at 2:00 p.m. ET. There is a zero percent chance of a hike at this meeting. The jobs data will come by way of Wednesday's ADP Private Payrolls and Friday's government Jobs Report, both for January.
If that weren't enough, the Treasury will be selling a total of $113 billion in Treasury securities. In addition, the heart of earnings season takes place this week and the results could impact the markets. Caterpillar reported an earnings miss and lower future guidance today, which is weighing on stocks this morning. U.S. China trade talks will also take place this week.
The partial government shutdown temporarily ended on Friday as federal workers are eager to get back to work and receive their back pay. The Congressional Budget Office (CBO) reports that the shutdown cost the U.S. economy $11 billion, though a big portion of the $11 billion will be reversed as the government opens and workers return to work though $3 billion of the $11 billion will be permanently lost. Lawmakers now have until February 15 to hammer out a long-term deal.
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