Yahoo! Economic and Treasury Calendar

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ECONOMIC & TREASURY CALENDAR Jan 98

Mon Tue Wed Thu Fri

1

2

8:30 AM
- Initial Jobless Claims (Dec 26)

10:00 AM
- NAPM (Dec 97)

5

- Construction Spending

- Manufacturers' Shipments & Inventories

- 3 & 6 Month Bills Auction

6

9:00 AM
- Mitsubishi Retail Sales

2:40 PM
- Johnson Redbook Report

- Factory Orders (Nov)

- 1 Year Bill Auction

7

10:00 AM
- New Home Sales

8

8:30 AM
- Producer Price Index

8:30 AM
- Initial Jobless Claims (Jan 2)

10:00 AM
- Housing Completions (Nov 97)

3:00 PM
- Consumer Installment Credit (Nov)

- 3 & 6 Month Bills Settle

- 1 Year Bill Settles

9

8:30 AM
- Unemployment Rate (Dec)

10:00 AM
- Wholesale Inventories (Nov)

10:25 AM
- ECRI Inflation Gauge (Dec)

12

- 3 & 6 month Bill Auctions

13

8:30 AM
- Consumer Price Index (Dec)

9:00 AM
- Atlanta Fed Survey (Dec 97)

9:00 AM
- Mitsubishi Retail Sales

10:00 AM
- Real Earnings (Dec)

2:40 PM
- Johnson Redbook Report

14

8:30 AM
- Advanced Retail Sales (Dec)

- US Import & Export Price Indexes

15

8:30 AM
- Business Inventories (Nov)

8:30 AM
- Initial Jobless Claims (Jan 9)

10:00 AM
- Philadelphia Fed Survey (Jan)

- Manufacturing & Trade Inventories

- 3 & 6 Month Bills Settle

16

9:15 AM
- Industrial Production & Capacity Utilization (Dec)

19

- Martin Luther King Jr. Day

20

9:00 AM
- Mitsubishi Retail Sales

2:40 PM
- Johnson Redbook Report

- 3 & 6 Month Bill Auctions

21

8:30 AM
- Merchandise Trade- BOP

10:00 AM
- Housing Vacancies (4th Quarter 1997)

- Beige Book Report

22

8:30 AM
- Housing Starts (Dec)

8:30 AM
- Initial Jobless Claims (Jan 16)

- 3 & 6 Month Bills Settle

23

2:00 PM
- The Budget Statement (Dec)

26

10:00 AM
- Existing Home Sales (Dec)

- 3 & 6 Month Bill Auctions

27

8:30 AM
- Employment Cost Index (4th Quarter 1997)

9:00 AM
- Mitsubishi Retail Sales

2:40 PM
- Johnson Redbook Report

- 2 Year Note Auction

28

10:00 AM
- Durable Goods Report (Dec)

- 5 Year Note Auction

29

8:30 AM
- Initial Jobless Claims (Jan 23)

- 3 & 6 Month Bills Settle

- 1 Year Bill Auction

30

8:30 AM
- Gross Domestic Product (4th Quarter 1997)

10:00 AM
- Chicago Purchasing Mgr (Jan)

- 2 & 5 year Notes Settle

- Times shown are Eastern Standard Time

Last Month - Next Month

Price Movement Rationale

ECONOMIC
INDICATORS Traditional
Bond Market
Movement Rationale

Consumer Price Index (CPI) up Down Inflationary, conceivably reducing the future value of fixed rate securities.

Gross National Product (GNP) down Up Economic growth slows and the Fed loosens money by allowing rates to come down

Housing Starts up Down With a rise in housing demand, the Fed attempts to tighten by allowing rates to rise.

Industrial Production down Up The economy is slowing and the Fed allows interest rates to drop, stimulating growth.

Money Supply Figures up Down Generates fears the Fed may tighten monetary growth by allowing short-term interest rates to rise.

Personal Income up Down The higher one's income, the more one consumes, causing more demand and higher prices.

Retail Sales up Down Indicates the economy is expanding, causing inflationary pressure.

Unemployment up Up Lack of expansion; the Fed is likely to loosen credit policy to allow rates to come down.

Producer Price Index up Down Higher demand for goods and prices; the Fed is less accommodating in allowing rates to go lower.

ECONOMIC INDICATORS	Traditional Bond Market Movement	Rationale
Consumer Price Index (CPI) up	Down	Inflationary, conceivably reducing the future value of fixed rate securities.
Gross National Product (GNP) down	Up	Economic growth slows and the Fed loosens money by allowing rates to come down
Housing Starts up	Down	With a rise in housing demand, the Fed attempts to tighten by allowing rates to rise.
Industrial Production down	Up	The economy is slowing and the Fed allows interest rates to drop, stimulating growth.
Money Supply Figures up	Down	Generates fears the Fed may tighten monetary growth by allowing short-term interest rates to rise.
Personal Income up	Down	The higher one's income, the more one consumes, causing more demand and higher prices.
Retail Sales up	Down	Indicates the economy is expanding, causing inflationary pressure.
Unemployment up	Up	Lack of expansion; the Fed is likely to loosen credit policy to allow rates to come down.
Producer Price Index up	Down	Higher demand for goods and prices; the Fed is less accommodating in allowing rates to go lower.

The 'Price Movement Rationale' section is provided by Legg Mason Wood Walker, Inc., and is based on historical interpretation of the impact of various economic indicators on the bond market. These interpretations may change over time given the dynamic nature of fixed income markets. The information contained herein has been prepared from sources believed to be reliable but is not guaranteed by Yahoo or Legg Mason and is not a complete summary or statement of all available data.
Calendar by Legg Mason Wood Walker, Inc.
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