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.
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)
Time released |
Economic report |
Period |
8:30 am |
Retail sales |
March |
10 am |
Fed chair designate Kevin Warsh testifies |
N/A |
10 am |
Pending home sales |
March |
10 am |
Business inventories |
February |
2:30 pm |
Fed Governor Christopher Waller speaks |
N/A |
Kevin Warsh takes first step toward Fed chair confirmation
Kevin Warsh's meeting with the Senate Banking Committee on Tuesday market the first step in his path to confirmation.
Fed independence was be one topic that the Senate Banking Committee drilled Warsh on. His recent financial disclosures, which show roughly $100 million in assets he would need to divest to comply with ethics regulations, was another.
Warsh will now answer written questions from the Senate Banking Committee, with his responses due by April 23. 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 order to move to a full Senate vote, Warsh will need approval from the majority of the committee, which is made up of 13 Republicans and 11 Democrats. If Tillis refuses to advance Warsh, the vote will be 12-12, meaning his nomination for Fed chair will fail to move forward.
You can follow along with all the news and updates on Warsh's path to Fed chair on our live blog.
Wednesday (4/22)
There are no noteworthy economic reports scheduled for release on Wednesday, April 22.
Thursday (4/23)
Time released |
Economic report |
Period |
8:30 am |
Weekly jobless claims |
Week ending April 18 |
9:45 am |
S&P Global Flash Manufacturing Purchasing Managers Index (PMI) |
April |
9:45 am |
S&P Global Flash Services PMI |
April |
Friday (4/24)
Time released |
Economic report |
Period |
10:00 |
University of Michigan Consumer Sentiment Index (revised) |
April |
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.
