Government shutdown data continues to trickle out
The good news is that a second US government shutdown doesn't appear likely. Top Republicans and Democrats are negotiating to avoid a shutdown on February 15 and there's talk of a deal on the weekend or Monday.
The week starts out light in terms of economic data but picks up late. Monday includes revisions to the CPI in what could be a minor risk. Tuesday is the JOLTS report but that's also unlikely to be a market mover.
The action starts Wednesday with January CPI and that's followed by PPI on Thursday along with the December retail sales report. Friday includes the Empire Fed, industrial production and U Mich consumer sentiment.
The Fed schedule includes Powell and Mester on Tuesday, with George, Bostic and Harker a day later.
The overarching theme will be Mnuchin and Lighthizer's trip to China to forge a trade deal. Every headline from that visit will move markets. The schedule isn't yet clear but the US delegation will begin arriving on the weekend, according to Chinese press reports.
