What to Look Out for in Economic Data This Week (April 20-24)

This week's economic calendar is a light but mighty one. While updates on retail sales and consumer sentiment will draw attention, Tuesday's initial confirmation hearing for Federal Reserve chair nominee Kevin Warsh is the most-anticipated event of the week.

Economic reports we're watching

Friday, April 24: University of Michigan's Consumer Sentiment Index: The preliminary reading showed consumer sentiment fell to an all-time low in April as a result of higher prices and the Iran war.

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Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.

Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.

Monday (4/20)

There are no noteworthy economic reports scheduled for release on Monday, April 20.

Tuesday (4/21)

Kevin Warsh takes first step toward Fed chair confirmation

Kevin Warsh's meeting with the Senate Banking Committee beginning at 10 am Eastern Standard Time on Tuesday is just the first step in his path to confirmation — and it's likely to be a bumpy one.

Republican Senator Thom Tillis from North Carolina, a member of the Senate Banking Committee, has vowed to block any Federal Reserve nomination until a Department of Justice probe into current Fed Chair Jerome Powell is resolved.

In January, the DOJ served the Federal Reserve with grand jury subpoenas and threatened a criminal indictment related to Chair Powell's congressional testimony last June about a multi-year project to renovate historic buildings.

In early April, Chief Judge James Boasberg of the U.S. District Court for the District of Columbia blocked those subpoenas, writing that there is "abundant evidence that the subpoenas' dominant (if not sole) purpose is to harass and pressure Powell either to yield to the president or to resign and make way for a Fed chair who will."

Boasberg also rejected a request from Jeanine Pirro, U.S. attorney for the District of Columbia, to reconsider the ruling. Pirro has until early May to appeal.

"This is about a bedrock principle of Fed independence," Tillis told reporters in March. "The reason why I came out so strong so early is I believe that we, I, have no earthly idea what the market reaction would have been if suddenly the perception is that the Fed chair serves at the pleasure of the President, right?"

The Senate Banking Committee will also be asking questions on Warsh's recent financial disclosures, which show roughly $100 million in assets he would need to divest to be in compliance with ethics regulations.

Wednesday (4/22)

There are no noteworthy economic reports scheduled for release on Wednesday, April 22.

Thursday (4/23)

Friday (4/24)

Will the ceasefire improve consumer sentiment?

Higher prices continue to be a top concern for most consumers, according to the University of Michigan, with both year-ahead and long-run inflation expectations arriving well above their 2024 levels in April.

And higher prices, combined with the Iran war, are having a notable impact on consumer sentiment. Indeed, the preliminary reading of UofM's Consumer Sentiment Index plunged 11% from March to April to 47.6 — the lowest reading on record.

"Assessments of personal finances declined about 11%, with consumers expressing a substantial increase in concerns over high prices and weaker asset values," explains Joanne Hsu, director of the monthly Surveys of Consumers. "Buying conditions for durables and vehicles worsened, again on the basis of high prices. Open ended comments show that many consumers blame the Iran conflict for unfavorable changes to the economy."

However, Hsu notes that nearly all responses were gathered before the temporary ceasefire was announced on April 7. "Economic expectations will likely improve after consumers gain confidence that the supply disruptions stemming from the Iran conflict have ended and gas prices have moderated," she says.

Reporting schedules are provided Forex Factory and MarketWatch.

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