Markets have remained calm in small range despite Greece’s weekend struggles with its eurozone creditors and a German IFO release that was at 102.5 marginally lower than the expected 103.
With Asian markets quiet during the festive lunar new year, investors are hesitant, anticipating a shift in US policy tomorrow when Fed Reserve Chair Janet Yellen testifies to the US Senate during the Humphrey Hawkins policy report this Tuesday morning.
Events to Look for:
US Humphrey-Hawkins Testimony – 2/24 (Tuesday) and 2/25 (Wednesday), beginning at 10am (NYT) both days. Semiannual review of monetary policy conducted by the Fed Chair Janet Yellen. It is a two-day testimony with the same statement each day and Q&A with the Senate Banking Panel (2/24) and House Financial Services Committee (2/25). Yellen will be speaking on behalf of the FOMC, not her personal views, and is historically an important way for Fed chairs to communicate monetary policy intentions.
Data – German IFO (Monday), US Home Prices & Consumer Confidence (Tuesday), US Durable Goods (Thursday) and US GDP (Friday). This week will give more clarity to where the US and European market are headed.
Earnings – Home Depot, Comcast, Macy’s (Tuesday), Target (Wednesday), Gap, JC Penny (Thursday)