The Daily Difference: Market Update February 10, 2014
Although this week initially appears calm, few significant economic indicator will be released, the main force affecting the market this week will likely be Janet Yellen. Yellen’s monetary testimony will be released tomorrow before the market opens; shortly after, she will offer her first semi-annual monetary policy testimony before the House Financial Services Committee in Washington. Given the recent slew of poor employment reports, most will be evaluating Yellen’s comments to determine if the employment numbers will have an effect on the Fed’s taper strategy. Thursday
- Jobless Claims: Yellen’s comments will likely affect how this number is interpreted
- Retail Sales: Compared to last month’s release, which included holiday sales, this number will not be watched as closely. The consensus is for a 0.1% drop compared to December.
- Industrial Production: Given the recent volatility in the manufacturing sector, expect the manufacturing component to be scrutinized as traders try to interpret a longer term trend.