July 9, 2014 / 6:49 PM / 4 years ago

What to Watch in The Day Ahead; Thursday, July 10

(The Day Ahead is an email and PDF publication that includes the day’s major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT) The U.S. Department of Labor is scheduled to issue a weekly update on new applications for unemployment insurance. Initial jobless claims likely rose last week, but the four-week moving average is seen declining. (0830/1230) Separately, the commerce department is expected to release wholesale inventories for May. Analysts’ expectations are for continued strength in wholesale trade, with sales rising 0.7 percent and inventories up 0.6 percent.(1000/1400) Family Dollar Stores, the discount chain operator under pressure from activist investor and largest shareholder Carl Icahn to put itself up for sale, will report third-quarter results. The retailer adopted a poison pill last month after Icahn also said he would push the company to merge with rival Dollar General Corp. While the company, which caters to lower-income shoppers, is struggling with falling sales, the sudden retirement of Dollar General’s chief executive has thrown the possibility of a merger into doubt. Federal Reserve Bank of Kansas City President Esther George is expected to speak on the U.S. economy and monetary policy before a business and community leaders luncheon. (1315/1715) Separately, Federal Reserve Vice Chair Stanley Fischer will speak on “Financial Sector Reform” before a Martin Feldstein Lecture event. (1630/2030) Statistics Canada is scheduled to release its New Housing Price Index for May. The index showed national home prices were up 0.2 percent last month. (0830/1230) House Financial Services Committee Chairman Jeb Hensarling has called for a hearing on legislation to reform the Federal Reserve. While the event will no doubt include a lot of political posturing, there is growing worry that Republican efforts to limit and change the Fed’s authority will gain traction after the mid-term elections. On the panel is Stanford economist John Taylor, namesake of the Taylor rule, who will speak about rules-based monetary policy. That is a key aspect of a new bill introduced this week aimed at the Fed, which the panel will discuss. All four witnesses on the panel are macro-economic types with a conservative/hawkish bent. The panel will not call any Fed officials. Chile’s central bank is scheduled to publish its latest monthly poll of analysts’ expectations on interest rates to growth and inflation. Investors are looking for any changes in expectations amid a gradual slowdown. (Compiled by Sourav Bose in Bangalore; Editing by Simon Jennings)

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