Week Ahead - Jan 21-24

I hope everyone is having a great weekend. It has certainly been a wild start to the year thus far, and I expect that to continue. As I am travelling this note will be brief.

The big event of the week is going to be the inauguration on Monday, and whether we get or don’t get any details on policy announcements that will ultimately come more formally with a flurry over the subsequent days.

In terms of data, there is not much. We have the usual MBS apps & Redbook Wednesday, jobless claims Thursday and S&P PMIs, existing home sales and UMICH Friday. Not a very heavy week data wise. In Canada we have CPI Monday and retail sales Thursday followed by housing data Friday.

The focus on this note is going to be financial conditions, where I believe the consensus view is a bit misplaced. Let’s dig in.