Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis.

Francis Kelly 3/16/25 Francis Kelly 3/16/25

The Global Week Ahead

European Leaders Gather to Discuss European Defense and Security Planning, Trump Gathers Oil CEOs, US-Russian Shuttle Diplomacy Continues, and the US, Japan, and UK Central Banks Meet on Interest Rates

March 16 - 23, 2025

It is going to be another action-packed week ahead geopolitically. U.S. and Russian diplomats are expected to talk in an effort to reach a deal securing at least a temporary cease-fire in Ukraine. Russian President Vladimir Putin seemed to indicate some support for the idea but then pushed back, saying there are a number of issues he still wants addressed. President Trump late Sunday indicated he expected to talk to Putin later this week, but no set time or date has been set yet. All in all, we believe negotiations are likely to be protracted. Meanwhile, Russian forces have ramped up their assault on Ukrainian positions and made considerable gains against Ukrainian positions in the Kursk region of Russia.

European leaders will gather in Brussels for a Euro Summit this week to discuss how to advance a European defense and security agenda in the face of growing trade and defense tensions with the U.S. An EU White Paper on EU Security is being formally released this week while German legislators will further consider a historic €500 billion defense and infrastructure package. Europe is at a historic inflection point in facing a challenge to ensure its mutual defense and security and collective economic interests in the face of tough trade tariffs being placed on it by President Trump and ongoing trade tensions with China.

Meanwhile, President Trump will be gathering oil CEOs at the White House on Monday to discuss how to encourage more drilling in the US. But with oil prices shrinking lately, the CEOs will likely be looking for guidance on economic incentives to help them achieve the President’s goals.

Looking at the global economic radar screen for the week ahead, it will be a big week for central banks. The U.S. Federal Reserve, the Bank of Japan, the Bank of England, and the Central Bank of Brazil each meet to discuss the state of the economy and decide on interest rates. This is likely to prove particularly challenging for the Fed as President Trump rapidly ramps up his tariff agenda. The Bank of England and the Bank of Japan are likely to hold steady on rates.

Looking at what else is happening in Asia, China will be releasing a number of important economic reports, including retail sales for the first two months of the year. The data comes as Beijing has just finished the Two-Session meetings focused on economic recalibration. Japan will be releasing trade data on Wednesday and CPI data on Friday.

In Europe, Germany’s ZEW survey is out on Tuesday. But the biggest economic event in Germany will be the ongoing parliamentary debate over the proposed €500 billion defense and infrastructure package. A deal has been reached between political parties, and the final vote is expected this week. Also this week, the UK releases labor market figures.

Bringing it back to the U.S., markets are looking at January retail sales numbers on Monday and industrial production figures on Tuesday. And in Canada, CPI figures are out this week, too.

Below is what else around the world we are watching in the coming week:

Sunday, March 16, 2025

Global

· UN Secretary-General António Guterres will convene a meeting in Geneva of the two Cypriot leaders and the Guarantor Powers of Greece, Türkiye and the United Kingdom for an informal meeting on Cyprus.

· The UN Climate and Clean Air Conference 2025 will begin and run through March 21 in Brasilia, Brazil. This year’s theme, “Accelerating Action on Super Pollutants: The Road to COP30.”

Americas

Political/Social Events –

· Brazil's former President Jair Bolsonaro will lead anti-government protests.

· Colombian President Gustavo Petro will address a new session of Congress.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· New Zealand PM Christopher Luxon begins a five-day visit to Delhi for the Raisina Dialogue.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Iraq will observe a national holiday to honor the victims of the 1988 Halabja massacre.

Economic Reports/Events –

· Saudi Arabia Wholesale Prices (February)/ Inflation Rate (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Monday, March 17, 2025

Global

· The UN Security Council is scheduled to hold a vote on the United Nations Assistance Mission in Afghanistan (UNAMA). Also, the Security Council is scheduled to hold consultations on the 1701 report (the Israeli-Lebanese border). In the afternoon, the Security Council is scheduled to hold a briefing on the 1591 Committee (regarding Sudan) as well as a briefing on the 1540 Committee (dealing with nuclear, chemical, and biological weapons).

· The OECD Global Economic Forecast will be released in Paris, France.

· The BRICS Tourism Working Group meets in Brazil.

· There will be a BRICS Rapid Security Channel Meeting.

· World Bank Global Digital Summit begins in Washington, running until Thursday.

· There will be a meeting of the Council of the International Seabed Authority in Kingston, Jamaica.

· Today is St. Patrick’s Day. We hope you are wearing something green to celebrate.

Americas

Political/Social Events –

· President Trump will hold a meeting with oil executives at the White House to discuss energy production in the face of falling prices for crude oil.

· Supporters of Jair Bolsonaro will hold a mass rally against President Lula da Silva's government in Rio De Janeiro, Brazil.

Economic Reports/Events –

· Brazil IBC-BR Economic Activity (January)/ BCB Focus Market Readout

· Canada Housing Starts (February)/ Foreign Securities Purchases (January)

· USA NY Empire State Manufacturing Index (March)/ Retail Sales (February)/ Business Inventories (January)/ NAHB Housing Market Index (March)/ Retail Inventories Ex Autos (January)/ NOPA Crush Report

· Colombia Cement Production (January)

Asia

Political/Social Events –

· Senior Chinese official holds briefing on national economic performance of the first two months of 2025. They will also hold a media briefing on government efforts to boost consumer spending.

· The Raisina Dialogue begins in New Delhi, India. The Dialogue is India’s premier conference on geopolitics and geoeconomics.

· Britain's Net Zero Minister Ed Miliband visits for UK-China Energy Dialogue.

· The US-ASEAN Business Council holds a media briefing with representatives from U.S. companies, diplomats and government officials as part of an American business delegation visiting the Southeast Asian nation to mark 30 years of U.S.-Vietnam diplomatic relations.

Economic Reports/Events –

· New Zealand Composite & Services NZ PCI (February)

· Singapore Non-Oil Exports (February)/ Balance of Trade (February)/ Unemployment Rate Q4

· China House Price Index (February)/ Industrial Production (January)-(February)/ Retail Sales (January-February)/ Fixed Asset Investment (YTD) (January)-(February)/ Unemployment Rate (February)

· Indonesia Imports/ Exports/ Balance of Trade (February)

· India WPI Food Index (February)/ WPI Fuel (February)/ WPI Inflation (February)/ WPI Manufacturing (February)

· Kazakhstan Industrial Production (February)

· Sri Lanka Manufacturing PMI (February)/ Services PMI (February)

· Philippines Budget Balance (January)

Europe

Political/Social Events –

· The EU Foreign Affairs Council meets in Brussels. EU foreign ministers will discuss the situation in Ukraine and the Middle East (focus on Gaza, Syria, and Iran) but will also discuss the increasingly tense relations with the US.

· The EU Transport, Telecommunications, and Energy Council will meet in Warsaw, Poland through March 18. Minters will discuss the EU’s energy security architecture, the energy situation in Ukraine, and critical infrastructure. On the sidelines of the meeting, there will be an informal meeting of EU Transport Ministers in Warsaw, Poland.

· The Standing with Syria-Brussels 9th Conference will be held in Brussels.

· NATO Secretary General Mark Rutte will meet the Minister of Foreign Affairs of the Republic of Lithuania Kęstutis Budrys, at NATO Headquarters, in Brussels.

· Russian President Vladimir Putin hosts Tajik President Emomali Rahmon for bilateral talks in Moscow.

· UK Prime Minister Keir Starmer will announce details of his welfare reform plan.

· In Moscow, a preliminary hearing in the trial of ex-deputy defense minister Timur Ivanov accused of embezzlement.

· Georgia court to deliver verdict in the case of ex-president Mikheil Saakashvili. He has been charged with fraud.

Economic Reports/Events –

· European Central Bank President Christine Lagarde is awarded a diploma from the Faculty of Law and Political Science of Université Aix-Marseille in Aix-en-Provence, France.

· Italy Inflation Rate (February)

· Spain Balance of Trade (January)

· Romania Current Account (January)

· Belarus Industrial Production (February)

· Poland Balance of Trade (January)/ Core Inflation Rate (January)/ Core Inflation Rate (February)/ Current Account (January)

· Ukraine Balance of Trade (January)

· Turkey Budget Balance (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Qatar Balance of Trade (January)/ Inflation Rate (January)/ Inflation Rate (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Inflation Expectations Q1

· Angola Foreign Exchange Reserves (February)/ M3 Money Supply (February)

Tuesday, March 18, 2025

Global

· The UN Human Rights Council will meet to discuss the situation in Venezuela.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Chile Current Account Q4/ GDP Growth Rate Q4

· Canada Inflation Rate (February)/ CPI Median (February)/ CPI Trimmed-Mean (February)

· USA Housing Starts (February)/ Building Permits Prel (February)/ Export Prices (February)/ Import Prices (February)/ Redbook (March/15)/ Capacity Utilization (February)/ Industrial Production (February)/ Manufacturing Production (February)/ API Crude Oil Stock Change (March/14)/ International Monetary Market (IMM) Date

· Brazil Business Confidence (March)

· Colombia Balance of Trade (January)/ Imports (January)/ ISE Economic Activity (January)

Asia

Political/Social Events –

· The Defence Technology Summit will be held in Singapore through Friday. The Summit brings together representatives of government, industry, academia and think tanks to exchange views on defense and security developments. High-level delegates from U.S. companies including Oracle, Boeing and Palantir Technologies are set to attend.

· A U.S. business delegation, including representatives from Amazon, Apple and Boeing, will visit Vietnam through March 20.

Economic Reports/Events –

· Australia’s Reserve Bank Deputy Governor Sara Hunter will speak at a banking conference in Sydney.

· Japan Tertiary Industry Index (January)

· Hong Kong Unemployment Rate (February)

· New Zealand Global Dairy Trade Price Index (March/18)

Europe

Political/Social Events –

· The EU General Affairs Council will meet in Brussels to discuss preparations for the March European Council meeting on March 20-21.

· The German Bundestag (parliament) will vote on second reading of a €500 billion investment plan for defense and economy.

· German Chancellor Olaf Scholz hosts French President Emmanuel Macron for Ukraine talks in Berlin, Germany.

· The 5th EU-UK Parliamentary Partnership Assembly will be held in Brussels.

· Euronext holds its annual conference.

· The EU Tax Symposium will be held in Brussels.

Economic Reports/Events –

· Slovakia Inflation Rate (February)

· Switzerland SECO Economic Forecasts

· Italy Balance of Trade (January)

· Euro Area Balance of Trade (January)/ ZEW Economic Sentiment Index (March)

· Germany ZEW Economic Sentiment Index (March)/ ZEW Current Conditions (March)

· Ireland Balance of Trade (January)

· Russia PPI (February)

· Belarus GDP (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Oman Inflation Rate (February)

Africa

Political/Social Events –

· Angola will host direct talks between the government of the Democratic Republic of the Congo and the Rwandan-backed M23 rebel group.

Economic Reports/Events –

· Angola Interest Rate Decision

Wednesday, March 19, 2025

Global

· UN Secretary-General António Gutteres will meet with Ursula von der Leyen, the President of the European Commission, Antonio Costa, the President of the European Council, as well as Roberta Metsola, the President of the European Parliament in advance of the Euro Summit on Thursday.

· The UN Security Council is scheduled to hold consultations on the United Nations Disengagement Observer Force (UNDOF).

Americas

Political/Social Events –

· US Director of National Intelligence (DNI) Tulsi Gabbard will travel to Hawaii (where a large National Security Agency office is located), Japan, Thailand, India, and France for meetings with her counterparts.

· In Bogota, Colombia, unions and citizens march for the non-approval in Congress of the reforms of Gustavo Petro's government.

· The Mexico City Congress debates initiative to ban bullfighting in the capital.

Economic Reports/Events –

· The US Federal Reserve Board’s Open Market Committee begins two days of meetings to discuss the economy and interest rates

· USA MBA Mortgage Market Index (March/14)/ MBA Mortgage Refinance Index (March/14)/ MBA Purchase Index (March/14)/ EIA Crude Oil & Gasoline Stocks Change (March/14)/ / Net Long-term TIC Flows (January)/ Foreign Bond Investment (January)/ Overall Net Capital Flows (January)

· Mexico Aggregate Demand Q4

· Argentina Full Year GDP Growth 2024/ GDP Growth Rate Q4/ Leading Indicator (February)

· Brazil Interest Rate Decision

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· The Bank of Japan meets to consider interest rates.

· New Zealand Current Account Q4

· Japan Imports/ Exports/ Balance of Trade (February)/ Machinery Orders (January)/Capacity Utilization (January)/ Industrial Production (January)

· Australia Westpac Leading Index (February)

· Indonesia Loan Growth (February)/ Interest Rate Decision/ Deposit & Lending Facility Rate (March)

· India M3 Money Supply (March/07)

Europe

Political/Social Events –

· The Tripartite Social Summit will be held in Brussels. The main theme of the tripartite social summit will be ‘Bringing Europe back on track in a challenging geopolitical environment as an attractive, competitive and investment friendly location that protects and creates quality jobs.” The Tripartite Social Summit is a forum for dialogue between the EU institutions at president level and the European social partners at top management level. The summit is co-chaired by the President of the European Council and the President of the European Commission. The participating European-level social partners include: BusinessEurope, the European Trade Union Confederation (ETUC), SGI Europe (association of enterprises with services of general interest), SMEunited (association of crafts and SMEs in Europe), Eurocadres (council of European professional and managerial staff). Participants will discuss the following topics: strengthening the EU in a challenging geopolitical environment, bringing Europe back on track as an attractive, competitive and investment friendly location that protects and creates quality jobs.

· The European Commission will formally release its 2025 White Paper on the Future of European Defense.

Economic Reports/Events –

· European Central Bank Executive Board Member Luis de Guindos gives remarks at V Observatorio Finanzas in Madrid, Spain.

· European Central Bank Executive Board Member Frank Elderson gives a keynote speech at the annual European Financials Conference organized by Morgan Stanley in London, UK.

· Euro Area CPI (February)/ Inflation Rate (February)/ Labour Cost Index Q4/ Wage Growth Q4

· European Union European Council Meeting

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Oman M2 Money Supply (January)/ Total Credit (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Inflation Rate (February)/ Retail Sales (January)

Thursday, March 20, 2025

Global

· The BRICS 4th Agriculture Working Group meets in Brazil.

· The BICCS 2nd meeting Committee of Energy Officials will be held in Brazil.

· The International Olympic Committee elects a new president to succeed Thomas Bach. Seven candidates vying for the IOC's top job include Japan's Morinari Watanabe, president of the International Gymnastics Federation. World Athletics President Sebastian Coe is also in the running.

· Today is the Vernal Equinox, the first day of spring in the northern hemisphere.

Americas

Political/Social Events –

· China will launch 100% retaliatory tariffs totaling more than $2.6 billion against Canadian agricultural products.

Economic Reports/Events –

· The Federal Reserve’s Open Market Committee announces their interest rate decision followed by a press conference held by Fed Chair Jay Powell.

· Bank of Canada Governor Tiff Macklem gives a speech at the Calgary Economic Development event.

· Mexico Private Spending Q4

· Canada PPI (February)/ Raw Materials Prices (February)

· USA Current Account Q4/ Initial Jobless Claims (March/15)/ Philadelphia Fed Manufacturing Index (March)/ Philly Fed Business Conditions (March)/ Philly Fed CAPEX Index (March)/ Philly Fed Employment (March)/ Philly Fed New Orders (March)/ Philly Fed Prices Paid (March)/ Existing Home Sales (February)/ CB Leading Index (February)/ EIA Natural Gas Stocks Change (March/14)/ 15- & 30-Year Mortgage Rate (March/20)/ Fed Balance Sheet (March/19)

· Argentina Consumer Confidence (March)/ Unemployment Rate Q4

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· New Zealand Westpac Consumer Confidence Q1/ GDP Growth Rate Q4

· Australia Employment Change (February)/ Unemployment Rate (February)/ Participation Rate (February)

· China Loan Prime Rate 1Y & 5Y (March)

· Indonesia M2 Money Supply (February)/ Tourist Arrivals (January)

· Malaysia Imports/ Exports/ Balance of Trade (February)

· Taiwan Export Orders (February)/ Interest Rate Decision

· Hong Kong Inflation Rate (February)

Europe

Political/Social Events –

· The Euro Summit will be held in Brussels, bringing together leaders from all 27 EU member states to discuss a stronger defense and security agenda as well as President Trump’s tariffs on EU goods and services.

· The European Council will meet in Brussels.

· The EU is expected to release an action plan to support Europe's steel sector.

· Britain's Prince William visits Tallinn, Estonia to meet with British troops deployed as part of NATO's eastern flank reinforcement.

· Bloomberg holds its Future of Finance Paris 2025 conference in Paris, France.

Economic Reports/Events –

· European Central Bank President Christine Lagarde gives an introductory statement at the ECON Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium.

· European Central Bank Executive Board Member Philip R. Lane gives a lecture at the UCC Economics Society's Conference at University College Cork (UCC) in Cork, Ireland.

· Germany PPI (February)

· Switzerland Balance of Trade (February)/ SNB Interest Rate Decision

· The Bank of England meets to decide on interest rates.

· Great Britain Unemployment Rate (January)/ Employment Change (January)/ HMRC Payrolls Change (February)/ Claimant Count Change (February)/ CBI Industrial Trends Orders (March)

· Italy Construction Output (January)

· Poland Corporate Sector Wages (February)/ Employment Growth (February)/ Industrial Production (February)/ PPI (February)

· Euro Area Construction Output (January)

· Ireland Residential Property Prices (January)

· Turkey Foreign Exchange Reserves (March/14)/ Central Government Debt (February)

· Serbia Current Account (January)

· Slovakia Unemployment Rate (February)

· European Union European Council Meeting

Middle East

Political/Social Events –

· Israeli Foreign Minister Gideon Saar is expected to travel to London for meetings with Prime Minister Kier Starmer.

Economic Reports/Events –

· Kuwait Inflation Rate (February)

· Qatar M2 Money Supply (February)/ Total Credit Growth (February)

· Israel Manufacturing PMI (February)/ Inflation Expectations (March)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Building Permits (January)/ Interest Rate Decision/ Prime Overdraft Rate

Friday, March 21, 2025

Global

· The UN Security Council is scheduled to hold a briefing, followed by consultations, on the Middle East (Gaza).

· Today is World Downs Syndrome Day.

Americas

Political/Social Events –

· Ecuador’s President Daniel Noboa and leftist Luisa González debate before the presidential runoff.

Economic Reports/Events –

· New York Federal Reserve Bank President John Williams gives keynote before the 2nd Biennial Macroeconometric Caribbean Conference organized by the Central Bank of The Bahamas and the Indiana University Center for Applied Economics and Policy Research (CAEPR).

· Canada New Housing Price Index (February)/ Retail Sales (January)

· USA Baker Hughes Oil Rig Count (March/21)

· Argentina Retail Sales (January)

· Uruguay Balance of Trade (February)/ GDP Growth Rate Q4

· Paraguay Interest Rate Decision

· Chile Interest Rate Decision

· El Salvador Balance of Trade (February)

· Brazil Federal Tax Revenues (February)

· Costa Rica Balance of Trade (February)

Asia

Political/Social Events –

· Operation Freedom Shield – joint US-South Korean military exercises – begin in South Korea.

Economic Reports/Events –

· South Korea PPI (February)

· New Zealand Imports/ Exports/ Balance of Trade (February)/ Credit Card Spending (February)

· Japan Reuters Tankan Index (March)/ Inflation Rate (February)/ Foreign Bond Investment (March/15)/ Stock Investment by Foreigners (March/15)

· Malaysia Inflation Rate (February)

· Hong Kong Current Account Q4

· India Foreign Exchange Reserves (March/14)

· China FDI (YTD) (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Great Britain Gfk Consumer Confidence (March)/ Public Sector Net Borrowing Ex Banks (February)

· Turkey Consumer Confidence (March)/ Tourist Arrivals (February)

· France Business Confidence (March)/ Business Climate Indicator (March)

· Euro Area Current Account (January)/ Consumer Confidence Flash (March)

· Greece Current Account (January)

· Slovenia Consumer Confidence (March)/ PPI (February)/ Unemployment Rate (January)

· Italy Current Account (January)

· Russia Interest Rate Decision/ CBR Press Conference/ Consumer Confidence Q1

· Ireland Wholesale Prices (February)

· Slovakia Current Account (January)

Middle East

Political/Social Events –

· Nowruz – the Persian New Year – is observed.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Today is Namibia Independence Day. President-elect Netumbo Nandi-Ndaitwah will be sworn into office, the country's first female president.

Economic Reports/Events –

· Nothing significant to report.

Saturday, March 22, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Curaçao holds legislative elections.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, March 23, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Argentine President Javier Milei will meet with Israeli Prime Minister Benjamin Netanyahu in Tel Aviv, Israel.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· The China Development Forum begins in Beijing, China. The Forum brings together international business leaders and Chinese officials for meetings through March 24.

· Pakistan celebrates Republic Day. The government will hold large military parades showing a wide array of weapons, including nuclear capable weapons systems.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Romania Presidential Election (1st Round)

Middle East

Political/Social Events –

· Turkey's main opposition party, the Republican People's Party, will hold presidential primaries ahead of Turkey's 2028 presidential election.

Economic Reports/Events –

· Israel Manufacturing Production (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Francis Kelly 3/14/25 Francis Kelly 3/14/25

U.S. Financial Regulatory Week Ahead

Bessent’s Regulatory Pillar, Senate Banking Wants to Re-Write Bank Reputational Risk Guidance, the FDIC Revamps Merger Guidelines, and Trump Says He Will Name a New Fed Vice Chair for Supervision

Major changes to the financial regulatory world continue apace in Washington, and two events this past week stood out. First, Treasury Secretary Scott Bessent gave his first major speech laying out his “Three Pillars of the American First Economic Agenda.” Speaking at the New York Economic Club, Bessent said the first pillar would be overhauling financial oversight, making the case that “regulatory overreach of the past few years in pursuit of political agendas has missed material risk, stymied growth, and squashed innovation.

The Federal Deposit Insurance Corporation (FDIC) was the second significant change as the FDIC’s board of directors voted to roll back the Biden Administration’s proposed bank merger guidelines. It was the first major financial deregulatory move of the Trump Administration. The FDIC also withdrew from pending regulations on brokered deposits, corporate governance, and asset manager’s ownership stakes in banks.

In Congress, Republicans on the Senate Banking Committee (all 13 of them) signed on to legislation offered by Banking Committee Chair Tim Scott (R-SC) aimed at forcing federal banking regulators from using reputational risk as a component of supervision. The point of the legislation, called the Financial Integrity and Regulation Management Act (FIRM Act), is to combat debanking. The legislation was hailed by state bank regulators and the crypto industry, which has accused the FDIC and other bank regulators of discouraging banks from offering crypto services. You can read a summary of the bill HERE.

Crypto had a big week last week with President Trump signing an Executive Order creating a Strategic Bitcoin Reserve. The President followed this up with a first-of-its-kind White House Crypto Summit, bringing together crypto industry leaders.

This came as the House Financial Services Committee (HFSC) voted to overturn a Consumer Financial Protection Bureau (CFPB) rule subjecting nonbanks with digital payment platforms to greater scrutiny.

The HFSC also voted to overturn CFPB rules restricting overdraft fees, something banks have strongly lobbied in favor of repealing. Both overturned CFPB rules are likely to be passed by the full House but passage in the Senate is far from assured.

While all this was going on, Senate Banking Committee Chair Scott and House Financial Services Committee Chair French Hill (R-AK) sent President Trump a letter urging the President to move quickly in naming a new Federal Reserve Vice Chair for Supervision. Late Sunday, President Trump said he plans to make an announcement naming a new Vice Chair “fairly soon.”

We would also note — as we get many questions from clients — that we still do not know when SEC Chair-nominee Paul Atkins and Comptroller of the Currency-nominee Jonathan Gould will have their Senate confirmation hearings. The answer is we do not know as nothing has yet been scheduled, although we have heard rumors they may happen in the next two weeks.

Looking at the week ahead, the HFSC is holding a hearing on digital payments and the federal framework for payment stablecoins while the Senate Banking Committee is holding a hearing on affordable housing. There will also be a raft of SEC and CFTC speeches this week as the futures industry holds its big annual conference in Boca Raton, Florida.

And the Brookings Institution is holding an interesting event looking at how the State of New York regulates the financial sector. Below is the full list of major events we are keeping our eyes on this week:

U.S. Congressional Hearings

U.S. Senate

Tuesday, March 11, 2:30 p.m. – The Senate Agriculture Committee holds a hearing entitled “Perspectives from the Field: Risk Management, Credit, and Rural Business Views on the Agricultural Economy Part 3”

Wednesday, March 12, 10:00 a.m. – The Senate Banking Committee will hold a hearing entitled “Housing Roadblocks: paving a New Way to Address Affordability.”

House of Representatives

Tuesday, March 11, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

There are no public events scheduled for Fed Governors this week. They are in their Blackout Period in advance of the March 19th Federal Open Markets Committee meeting.

U.S. Treasury Department

There are no significant events scheduled at this time.

Department of Commerce

There are no significant events scheduled at this time.

Department of Housing and Urban Development

There are no significant events scheduled at this time.

Securities and Exchange Commission

Monday, March 10, 1:30 p.m. – Acting SEC Chair Mark Uyeda will deliver remarks at the Institute of International Bankers 2025 Annual Washington Conference in Washington, DC.

· Tuesday, March 11, 4:35 p.m. – SEC Commissioner Hester Peirce and CFTC Commissioner Summer K. Mersinger will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York

Thursday, March 13, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

Tuesday, March 11, 9:50 a.m. – CFTC Commissioner Kristin N. Johnson will speak on a panel titled “The Changing Face of Clearing” at FIA Boca50 in Boca Raton, Florida.

Tuesday, March 11, 11:10 a.m. – CFTC Acting Chairman Caroline D. Pham will deliver a keynote address at the International Futures Industry Conference, FIA BOCA50 in Boca Raton, Florida.

Tuesday, March 11, 11:25 a.m. – CFTC Commissioner Christy Goldsmith Romero will speak on an international regulator panel at the International Futures Industry Conference 2025 in Boca Raton, Florida.

Tuesday, March 11, 4:35 p.m. – CFTC Commissioner Summer K. Mersinger and SEC Commissioner Hester M. Peirce will participate in a fireside chat during the Global Policy & Regulatory Forum event hosted by the Alternative Investment Management Association in New York.

Federal Deposit Insurance Corporation

Monday, March 10, 10:00 a.m. – Acting FDIC Chair Travis Hill will speak at the Institute for International Bankers 2025 Washington Conference.

Office of the Comptroller of the Currency

Monday, March 10, 2:00 p.m. – Acting Comptroller of the Currency Rodney Hood speaks on bank supervision at the Institute for International Bankers 2025 Annual Washington Conference.

The Consumer Financial Protection Bureau

There are no significant events scheduled at this time.

National Credit Union Administration

There are no significant events scheduled at this time.

FINRA

There are no significant events scheduled at this time.

Federal Housing Finance Agency

There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

There are no significant events scheduled at this time.

Farm Credit Administration

Thursday, March 13, 10:00 a.m. – The FCA Board meets.

Farm Credit Insurance Corporation

Wednesday, March 12, 10:00 a.m. – The FCIA Board meets. The agenda includes payment from Allocated Insurance Reserve Accounts, a policy statement concerning contracting, the Report on Biennial Liquidity Assistance Exercise, the Annual Report on Contracts, and the Annual Report on Whistleblower Activity.

Small Business Administration

There are no significant events scheduled at this time.

International Monetary Fund & World Bank

There are no significant events scheduled at this time.

North American Securities Administrators Association

There are no significant events scheduled at this time.

Trade Associations Events

Trade Associations

March 9 – 12 – the Futures Industry Association holds their Boca50 Conference in Boca Raton, Florida.
March 10 – 11 – The Institute for International Bankers holds its 2025 Annual Washington Conference.
March 11 – The Alternative Investment Management Association (AIMA) holds its Global & Regulatory Forum 2025 in New York.

Think Tanks and Other Events

Tuesday, March 11, 11:00 a.m. – The Brookings Institution will hold a hybrid event entitled “How New York is regulating financial services.” New York Superintendent of Financial Services Adriene Harris will participate in a fireside chat.

Thursday, March 13, 9:00 a.m. – The Peterson Institute for International Economics holds a webcast entitled “The role of capital markets in emerging-market growth.”

Recommended Reads

Why Italy is attracting so many bank merger proposals OMFIF
Large Bank Capital: There is More to Inflation Than the Price of Goods and Services Financial Services Forum
The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market Federal Reserve Bank of Boston

Francis Kelly 3/9/25 Francis Kelly 3/9/25

The Global Week Ahead

U.S. – Russia Talks Over Ukraine Begin in Saudi Arabia, G7 Finance Ministers Meeting in Canada, Germany Debates and Votes on a €500 Billion Infrastructure Fund, and the U.S. Congress Races to Head a Government Shutdown

March 9 - 16, 2025

It will to be another momentous week for Ukraine this week as U.S. and Russian diplomats meet in Saudi Arabia to begin negotiations over a possible cease-fire. The Ukrainians will not be at the table, but Ukrainian President Volodymyr Zelensky will travel to Riyadh to meet with Crown Prince Mohammed Bin Salem to discuss his concerns. At the time of this writing – reports that Zelensky may return to Washington along with British Prime Minister Keir Starmer and French President Emmanual Macron for meetings with President Trump (however, Macron’s office has denied the report).

Meanwhile, G7 Finance Ministers are scheduled to gather in Charlevoix, Canada, for two days. The Ukraine situation will be top of the agenda but they are also expected to discuss a broader range of issues including the situation in the Middle East and delve into “significant issues in the Americas, including the ongoing crises in Haiti and Venezuela, as well as peace and security challenges in Africa, particularly in Sudan and the Democratic Republic of Congo.”

Markets this week are closely watching as the German Bundestag (Parliament) begins debating and possibly voting on a €500 billion infrastructure package as well as amending the Constitution to amend the debt brake the country has had in place to avoid deficit borrowing. This is a historic vote for Germany, being described as a fiscal sea change for the country. It comes in large part as a result of President Trump’s moves to end military aid to Ukraine and his urging Europe to strengthen its own defenses.

Also this week, the U.S. Congress is racing to pass a stop-gap Continuing Resolution (CR) to keep the federal government operating. The current CR expires on March 14 and the proposed new one will keep funding flowing until September, giving House and Senate Republicans time to hammer out President Trump’s massive tax and budget Reconciliation bill. Republican leaders are still at odds over key aspects of that bill, with a large faction of House Republicans demanding $2 trillion in budget cuts in order to fund the President’s tax proposals. Much of that $2 trillion is dependent on Elon Musk’s DOGE efforts to find a promised $2 trillion in government cuts as well as highly controversial cuts to the Medicaid program.

All this comes as President Trump’s 25 % tariffs on steel and aluminum go into effect on Wednesday, mostly aimed at EU exports. And China’s new tariffs on U.S. imports – ranging from 10% to 15% mostly agricultural imports – go into effect on Monday.

Looking at the global economic radar screen for the coming week, there will be a steady flow of important economic news. US inflation numbers are being released Wednesday, and the University of Michigan’s consumer sentiment reports will be released on Friday. In Canada, the Bank of Canada meets on Wednesday to decide interest rates.

Turning to Asia, China’s inflation prints are out on Sunday. Japan’s Economy Watchers survey is out this week, too. Importantly, the Japanese Trade Union Confederation’s initial wage hike agreement votes will be announced.

In Europe, UK GDP figures are out this week, while Germany releases trade figures and industrial production numbers on Monday.

Below are the other significant events around the world we are watching carefully this week:

Sunday, March 9, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Canada’s Liberal Party selects a new leader.

· Honduras holds primary elections.

· Daylight Savings Time begins in the US.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· China Inflation Rate (February)/ PPI (February)

Europe

Political/Social Events –

· European Commission President Ursula von der Leyen will speak at a press conference about the first 100 days of her second mandate.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Algeria's electoral body will hold elections for 72 of the 174 seats in its upper house, the National Council.

Economic Reports/Events –

· Saudi Arabia GDP Growth Rate Q4

Africa

Political/Social Events –

· Vietnamese Communist Party General Secretary To Lam will pay an official visit to Singapore through March 10.

Economic Reports/Events –

· Nothing significant to report.

Monday, March 10, 2025

Global

· The UN Security Council is scheduled to hold a briefing in the afternoon on the United Nations Assistance Mission in Afghanistan (UNAMA), followed by consultations.

Americas

Political/Social Events –

· UK Prime Minister Keir Starmer and French President Emmanuel Macron might be returning to Washington with Ukrainian President Volodymyr Zelensky to meet with President Trump to finalize a critical mineral deal and move the Ukraine peace process forward. However, Zelenksy is also scheduled to be meeting with Saudi Crown Prince Mohammed Bin Salem in Riyadh, Saudi Arabia in advance of Wednesday’s US-Russia negotiations there.

· China’s retaliatory tariffs on US agricultural products begin ranging from 10-15 percent on soybeans, pork, corn, and chicken.

· The Organization of American States will elect its next secretary general.

· The CERAWeek 2025 Energy Conference begins in Houston, Texas.

Economic Reports/Events –

· Mexico Consumer Confidence (February)

· USA Consumer Inflation Expectations (February)

· Brazil BCB Focus Market Readout/ Federal Tax Revenues (January)

· Ecuador Inflation Rate (February)

· Argentina Tax Revenue (February)

Asia

Political/Social Events –

· India and the European Union hold the next round of talks on a trade agreement in Brussels from Monday to Friday as the two sides aim to conclude an ambitious deal by the end of this year, amid rising geopolitical tensions and Trump's tariff threats. The pair relaunched negotiations in June 2022 after a deal failed to materialize despite 16 rounds of talks between 2007 and 2013.

· China’s annual “Two Sessions’ ends with the National People’s Congress legislative gathering in Beijing. Last week, the leadership set an economic growth target of “around 5%.”

Economic Reports/Events –

· Japan Average Cash Earnings (January)/ Overtime Pay (January)/ Current Account (January)/ Bank Lending (February)/ Coincident Index (January)/ Eco Watchers Survey Current & Outlook (February)/ Leading Economic Index (January)

· Singapore Unemployment Rate Q4

· Pakistan Interest Rate Decision

· Indonesia Car Sales (February)/ Motorbike Sales (February)

· China National People’s Congress

Europe

Political/Social Events –

· The Eurogroup meets in Brussels. The agenda will cover fiscal policy coordination and follow-up from the February G7 finance ministers meeting.

· President von der Leyen participates in the Interinstitutional Actors meeting with António Costa, President of the European Council, Christine Lagarde, President of the European Central Bank, and Paschal Donohoe, President of the Eurogroup.

· NATO Secretary General Mark Rutte travels to Bosnia and Herzegovina for meetings with leaders.

· The EU Employment, Social Policy, Health and Consumer Affairs Council (Social Policy) meets in Brussels. Ministers will discuss the challenges of the silver transformation.

· There will be an informal meeting of EU Research Ministers in Brussels through March 11.

· Workers at major airports in Germany are scheduled to go on a 24-hour strike.

Economic Reports/Events –

· Germany Imports/ Exports/ Balance of Trade (January)/ Industrial Production (January)

· Turkey Industrial Production (January)

· Slovakia Industrial Production (January)

· Switzerland Consumer Confidence (February)

· Italy PPI (January)

· Slovenia Industrial Production (January)

· Greece Balance of Trade (January)/ Industrial Production (January)/ Inflation Rate (February)

· Ireland Industrial Production (January)

· Belarus Inflation Rate (February)

· Euro Area ECB Nagel Speech/ ECOFIN Meeting

· Hungary Budget Balance (January)

Middle East

Political/Social Events –

· The International Monetary Fund will discuss and conduct the fourth review of Egypt's loan program.

· A team from the IMF is scheduled to visit Lebanon to discuss possible financial assistance.

Economic Reports/Events –

· Israel GDP Growth Annualized 2nd Est Q4/ Consumer Confidence (February)

· Saudi Arabia Industrial Production (January)

· Qatar Balance of Trade (January)/ Inflation Rate (January)

Africa

Political/Social Events –

· Cuban Foreign Minister Bruno Rodriquez Parrilla visits South Africa.

Economic Reports/Events –

· Egypt Inflation Rate (February)

· Tanzania Inflation Rate (February)

Tuesday, March 11, 2025

Global

· The UN Security Council is scheduled to hold a briefing on the Cooperation between the United Nations and regional and subregional organizations (EU). This will be followed by consultations on DRC.

· Today is the 5th anniversary of the World Health Organization (WHO) declaring COVID-19 a pandemic.

Americas

Political/Social Events –

· Greenland holds elections for the Inatsisartut, their 31-member parliament.

Economic Reports/Events –

· USA NFIB Business Optimism Index (February)/ Redbook (March/08)/ JOLTs Job Openings & Quits (January)/ WASDE Report/ API Crude Oil Stock Change (March/07)

· Brazil Industrial Production (January)

· El Salvador PPI (February)

Asia

Political/Social Events –

· Vietnamese Communist Party General Secretary To Lam will pay a state visit to Indonesia through March 13.

Economic Reports/Events –

· New Zealand Manufacturing Sales Q4

· Australia Westpac Consumer Confidence Index & Change (March)/ NAB Business Confidence (February)

· Japan Household Spending (January)/ GDP Growth Annualized Q4/ GDP Capital Expenditure Q4/ GDP External Demand Q4/ GDP Price Index Q4/ GDP Private Consumption Q4/ Machine Tool Orders (February)

· Indonesia Consumer Confidence (February)

· Malaysia Unemployment Rate (January)

· Philippines Foreign Direct Investment (December)

· Kazakhstan PPI (February)

Europe

Political/Social Events –

· French President Emmanuel Macron will host a meeting of military chiefs of staff of nations ready to offer military support for Ukraine.

· Foreign Minister Sergei Lavrov meets Organization for Security and Co-Operation in Europea (OSCE) Secretary General Feridun Sinirlioglu in Moscow.

· The EU Economic and Financial Affairs Council will meet in Brussels. They will discuss competitiveness and how to improve the business environment, cooperation in the field of taxation, and outcomes of the G20 finance ministers meeting.

· NATO Secretary General Mark Rutte travels to visit KFOR (The NATO-led mission in Kosovo).

· The Paris Defense and Strategy Forum begins and runs through March 13.

Economic Reports/Events –

· Great Britain BRC Retail Sales Monitor (February)

· Ireland Construction PMI (February)

· Turkey Retail Sales (January)/ Auto Production (February)/ Auto Sales (February)

· Hungary Inflation Rate (February)

· Slovakia Balance of Trade (January)

· Ukraine Inflation Rate (February)

· Germany Bundesbank Köhler-Geib Speech

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Mozambique Inflation Rate (February)

Wednesday, March 12, 2025

Global

· G7 Finance Ministers are scheduled to meet in Quebec, Canada.

· The OPEC Monthly Oil Market Report is released.

· The 12th annual World Ocean Summit & Expo begins in Tokyo and runs through March 13.

· The BRICS Agriculture Working Group meets in Brazil.

Americas

Political/Social Events –

· US and Russian diplomats will meet in Riyadh, Saudi Arabia to discuss a possible cease-fire in Ukraine.

· President Trump’s 25 percent tariff on steel and aluminum goes into effect.

· Ireland’s Taoiseach (Prime Minister) Micheál Martin will be in Washington DC to meet with President Trump.

· Belize holds elections for their House of Representatives.

· SpaceX Crew-10 mission, a Dragon spacecraft on a Falcon 9 rocket, launches from the Kennedy Space Center in Florida on a voyage to the International Space Station

Economic Reports/Events –

· USA MBA Mortgage Market Index (March/07)/ MBA Purchase Index (March/07)/ Inflation Rate (February)/ CPI (February)/ EIA Crude Oil & Gasoline Stocks Change (March/07)/ Monthly Budget Statement (February)

· Brazil Gross Debt to GDP (January)/ Nominal Budget Balance (January)/ Inflation Rate (February)/ Car Production (February)/ New Car Registrations (February)

· Bank of Canada Interest Rate Decision and Press Conference

· Paraguay Balance of Trade (February)

· Ecuador Balance of Trade (January)

Asia

Political/Social Events –

· AI-Semiconductor conference begins in Hanoi, Vietnam, and runs until Friday. Attendees are expected to include executives from Google DeepMind, IBM, Intel, TSMC, Samsung, MediaTek, Tokyo Electron, Panasonic, Qorvo, and Marvel.

Economic Reports/Events –

· New Zealand Electronic Retail Card Spending (February)

· Japan BSI Large Manufacturing Q1/ PPI (February)

· Indonesia Retail Sales (January)

· Malaysia Industrial Production (January)/ Retail Sales (January)

· India Industrial Production (January)/ Inflation Rate (February)/ Manufacturing Production (January)/ Passenger Vehicles Sales (February)

Europe

Political/Social Events –

· The EU Competitiveness Council (Internal market and industry) will meet in Brussels. Ministers will discuss the competitiveness compass and the clean industrial deal and ways to modernize the single market.

· The European Parliament will convene in plenary session through March 13.

Economic Reports/Events –

· European Central Bank President Christine Lagarde gives a speech at the 25th "ECB and Its Watchers" conference organized by the Institute for Monetary and Financial Stability at Goethe University in Frankfurt, Germany.

· European Central Bank Executive Board Member Philip R. Lane gives the wrap up and closing remarks at the 25th "ECB and Its Watchers" conference organized by the Institute for Monetary and Financial Stability at Goethe University in Frankfurt, Germany

· Romania Balance of Trade (January)

· Turkey Current Account (January)

· Slovakia Construction Output (January)

· Spain Retail Sales (January)

· Serbia Inflation Rate (February)

· Hungary Monetary Policy Meeting Minutes

· Poland Interest Rate Decision (March)

· Russia Inflation Rate (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Mauritius celebrates Independence Day, marking when the country gained its independence from the UK in 1968.

Economic Reports/Events –

· Angola Inflation Rate (February)

· South Africa Annual Budget Speech

Thursday, March 13, 2025

Global

· The UN Security Council is scheduled to hold a briefing on Sudan (The 1591 Committee).

· The IEA publishes its monthly oil report.

· The Jewish holiday of Purim will begin and be observed through March 14.

· There will be a 'Blood Moon' total lunar eclipse, seen in North and South America.

Americas

Political/Social Events –

· Argentine teachers are expected to hold street protests across the country in opposition to President Javier Milei’s reform programs.

Economic Reports/Events –

· Brazil Bank Lending (January)

· Mexico Industrial Production (January)

· Canada Building Permits (January)

· USA Initial Jobless Claims (March/08)/ PPI (February)/ EIA Natural Gas Stocks Change (March/07)/ 15- & 30-Year Mortgage Rate (March/13)/ Fed Balance Sheet (March/12)

· Peru Interest Rate Decision/ Balance of Trade (January)

Asia

Political/Social Events –

· Vietnamese Industry and Trade Minister Nguyen Hong Dien will meet with U.S. Trade Representative Jamieson Greer in Washington to discuss reducing the two countries' trade imbalance.

· Today is Holi, the two-day Hindu festival of colors, celebrating the arrival of spring and the triumph of good over evil.

Economic Reports/Events –

· New Zealand Visitor Arrivals (January)

· South Korea Unemployment Rate (February)

· Japan Foreign Bond Investment (March/08)/ Stock Investment by Foreigners (March/08)

· Australia Building Permits (January)/ Private House Approvals (January)/ RBA Jones Speech

· Hong Kong Industrial Production Q4

Europe

Political/Social Events –

· The German Parliament (Bundestag) begins debating a € 500 billion infrastructure fund and amending the debt brake.

· The 8th EU-South Africa Summit will be held in Cape Town, South Africa. The President of the European Council, António Costa, together with European Commission President Ursula von der Leyen, will represent the EU. South Africa will be represented by President Cyril Ramaphosa.

Economic Reports/Events –

· European Central Bank Executive Board Member Luis de Guindos participates in an online fireside chat at EIOPA Sustainable Finance Conference 2025 "Driving Resilience and Action in a Warming World".

· Great Britain RICS House Price Balance (February)

· Romania Industrial Production (January)/ Inflation Rate (February)

· Hungary Industrial Production (January)

· Switzerland Producer & Import Prices (February)

· France IEA Oil Market Report

· Germany Bundesbank Köhler-Geib Speech/ Bundesbank Balz Speech

· Euro Area Industrial Production (January

· Ireland Inflation Rate (February)

· Serbia Interest Rate Decision

· Turkey MPC Meeting Summary/ Foreign Exchange Reserves (March/07)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Imports/ Exports/ Balance of Trade (February)/ Current Account Q4

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Gold Production (January)/ Mining Production (January)/ Manufacturing Production (January)

Friday, March 14, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Today is the US Government shutdown deadline. The government will shut down unless Congress passes a stop-gap Continuing Resolution (CR) by midnight.

Economic Reports/Events –

· Brazil PPI (January)/ Retail Sales (January)

· Canada Manufacturing Sales (January)/ New Motor Vehicle Sales (January)/ Wholesale Sales (January)

· Colombia Consumer Confidence (February)/ Industrial Production (January)/ Retail Sales (January)

· USA Michigan Consumer Sentiment (March)/ Baker Hughes Total Rigs Count (March/14)

· Uruguay Industrial Production (January)

· Paraguay Consumer Confidence (February)

· Argentina Inflation Rate (February)

· Peru GDP Growth Rate (January)/ Unemployment Rate (February)

Asia

Political/Social Events –

· Rengo, Japan's largest labor confederation, is expected to release results from the first tabulation of this year's spring wage negotiations. Rengo-affiliated unions have called for an average wage hike of 6.09% this year, surpassing 6% for the first time since the early 1990s.

Economic Reports/Events –

· South Korea Import Prices (February)/ Export Prices (February)

· New Zealand Business NZ PMI (February)/ Food Inflation (February)

· India Bank Loan Growth (February/28)/ Deposit Growth (February/28)/ Foreign Exchange Reserves (March/07)/ Imports/ Exports/ Balance of Trade (February)

· Sri Lanka GDP Growth Rate Q4

· Philippines Cash Remittances (January)

· China Vehicle Sales (February)/ New Yuan Loans (February)/ M2 Money Supply (February)/ Outstanding Loan Growth (February)/ Total Social Financing (February)

· Kazakhstan GDP (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· European Central Bank Executive Board Member Piero Cipollone participates on a panel discussion at event "Fifty years of Consob: present and future - Reflections in Bocconi" organized by Consob (Commissione Nazionale per le Società e la Borsa) and Bocconi University in Milan, Italy.

· Germany Inflation Rate (February)/ Wholesale Prices (February)/ Current Account (January)

· Great Britain Goods Trade Balance (January)/ Balance of Trade (January)/ Construction Output (January)/ GDP (January)/ Industrial Production (January)/ Manufacturing Production (January)/ NIESR Monthly GDP Tracker (February)

· Hungary Construction Output (January)

· France Inflation Rate (February)

· Slovakia Inflation Rate (February)

· Spain Inflation Rate (February)

· Italy Industrial Production (January)

· Poland Inflation Rate (February)

· Greece Construction Output Q4

· Serbia Balance of Trade (January)/ Building Permits (January)

· Euro Area ECB Cipollone Speech

· Russia Balance of Trade (January)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Inflation Rate (February)

· Jordan Inflation Rate (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nigeria Food Inflation (February)/ Inflation Rate (February)

· Ethiopia Inflation Rate (February)

Saturday, March 15, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Today is National Day in Hungary, celebrating the 1848 revolution against the Austrian Empire.

· Students in Serbia are expected to hold mass-demonstrations against corruption in Belgrade, Serbia.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, March 16, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Brazil's former President Jair Bolsonaro will lead anti-government protests.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Saudi Arabia Wholesale Prices (February)/ Inflation Rate (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Francis Kelly 3/7/25 Francis Kelly 3/7/25

U.S. Financial Regulatory Week Ahead

A U.S. Strategic Crypto Reserve? The Future of the CFPB, Capital One/Discover Merger Faces One Less Obstacle, and The Future of the Fed’s Dual Mandate is Questioned

March 3 - 7, 2025

The Washington regulatory world continues to get busier by the week. President Trump added more to the mix this past weekend by announcing he was going to create a new U.S. Strategic Reserve of Cryptocurrencies, going so far as to name five digital assets he expects to include in the Reserve. Considering there is no actual regulatory structure around crypto, the announcement will likely significantly turbo-charge Congress’ efforts to pass legislation defining basic regs.

This coming week, the Senate Finance Committee will hold confirmation hearings for Treasury Secretary nominee Michael Faulkender. Last week, the Senate Banking Committee held confirmation hearings for Consumer Financial Protection Bureau (CFPB) Director nominee Jake McKernan, William Pulte to be the Director of the Federal Housing Finance Agency, and Stephen Miran to be the Chairman of the Council of Economic Advisors.

The hearing spotlighted what the Trump Administration wants to do with the CFPB going forward. Senator Elizabeth Warren (D-MA) and other committee Democrats pressed McKernan for more details. Interestingly, in an interview with Politico on Sunday, the CFPB Chief Operating Officer, Adam Martinez, conceded that the Trump Administration had initially wanted to close the agency, but that was no longer the case.

The CFPB also was in the news last week when it was announced they were dropping an enforcement action against Capital One after having accused the bank in January of cheating customers out of more than $2 billion in interest payments. The move was seen as another positive move toward regulatory approval of Capital One’s acquisition of Discover.

Also last week, Representative Frank Lucas (R-OK), who is chairing the House Financial Services Committee’s Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force, said he wants to “air it all out” when it comes to looking at the Federal Reserve Board and how effective the Board’s dual mandate of price stability and promoting maximum employment is working while also conducting regulatory supervision of banks. The task force is holding its first hearing tomorrow (Tuesday). We would note this is not a subcommittee, and it is not bipartisan. The members are: Rep. Frank Lucas (OK-03), Rep. Bill Huizenga (MI-04), Rep. Andy Barr (KY-06), Rep. Marlin Stutzman (IN-03), Rep. Scott Fitzgerald (WI-05), Rep. Mike Flood (NE-01), Rep. Monica De La Cruz (TX-15), Rep. Troy Downing (MT-02).

Finally, we would note that President Trump’s desire to create a sovereign wealth fund took another step toward reality when Treasury Secretary Scott Bessent announced the appointment of J.R. Gibbins as Bessent’s new senior advisor to plan and oversee the fund’s launch. Gibbins previously worked at the Defense Department’s Office of Strategic Capital and, prior to that, at Capstone Partners.

U.S. Congressional Hearings

U.S. Senate

Thursday, March 6, 10:00 a.m. – The Senate Finance Committee holds the confirmation hearing for Michael Faulkender to be Deputy Secretary of the Treasury.

House of Representatives

Tuesday, March 4, 10:00 a.m. – The House Financial Services Committee’s Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity holds a hearing. You can read the Task Force’s Committee Memorandum HERE.
Tuesday, March 4, 2:00 p.m. – The House Financial Services Committee’s Subcommittee on Housing and Insurance holds a hearing entitled “Building our Future: Increasing Housing Supply in America.”
Wednesday, March 5, 10:00 a.m. – The full House Financial Services Committee will meet to mark-up eleven bills. The full list can be found HERE.

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

Thursday, March 6, 3:30 p.m. – Federal Reserve Board Governor Christopher J. Waller gives an economic outlook at the Wall Street Journal CFO Network Summit, New York, New York.
Friday, March 7, 10:15 a.m. – Federal Reserve Board Governor Michelle W. Bowman participates in a discussion entitled “Monetary Policy Transmission Post-COVID” at The University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum in New York.
Friday, March 7, 12:20 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a speech entitled” The Rebalancing of Labor Markets Across the World” at the Bank of Portugal’s Conference on Monetary Policy Transmission and the Labor Market, Lisbon, Portugal.
Friday, March 7, 12:30 p.m. – Federal Reserve Board Chair Jerome H. Powell gives a speech on the Economic Outlook at the University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum in New York.
Friday, March 7, 1:00 p.m. – Federal Reserve Board Governor Adriana D. Kugler gives a second speech at the Bank of Portugal’s Conference on Monetary Policy Transmission and the Labor Market, Lisbon, Portugal.

U.S. Treasury Department

Thursday, March 6, 12:00 p.m. – Secretary of the Treasury Scott Bessent speaks at the Economic Club of New York.

Department of Commerce

There are no significant events scheduled at this time.

Department of Housing and Urban Development

There are no significant events scheduled at this time.

Securities and Exchange Commission

Wednesday, March 3, 1:30 p.m. – The 41st Annual NABE (National Association of Business Economics) Economic Policy Conference takes place in Washington, D.C. SEC Commissioner Hester Pierce will speak.
Thursday, March 6, 8:40 a.m. – The Investment Advisor Compliance Conference is being held in Washington, D.C. SEC Commissioner Hester Pierce will speak.
Thursday, March 6, 9:40 a.m. – The Wall Street Journal CFO Network Conferencetakes place in new York. Acting SEC Chair Mark Uyeda will speak.
Thursday, March 6, 10:00 a.m. – The SEC Investor Advisory Committee meets. You can read the Agenda HERE. The Committee will also consider a Draft Recommendation Regarding Investors’ Ability to Bring Claims Under Section 11 of the Securities Act of 1933.
Thursday, March 6, 2:00 p.m. – The SEC holds a Closed Meeting.

Commodities Futures Trading Commission

There are no significant events scheduled at this time.

Federal Deposit Insurance Corporation

There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

There are no significant events scheduled at this time.

National Credit Union Administration

There are no significant events scheduled at this time.

FINRA

There are no significant events scheduled at this time.

Federal Housing Finance Agency

There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

There are no significant events scheduled at this time.

Farm Credit Administration

There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

There are no significant events scheduled at this time.

Small Business Administration

There are no significant events scheduled at this time.

International Monetary Fund & World Bank

There are no significant events scheduled at this time.

North American Securities Administrators Association

There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

Monday, March 3 – SIFMA holds its Japan Securities Summit in New York.
Tuesday, March 4 – SIMFA and Smarsh Forum holds an event entitled “Regulatory Challenge of Moving Communications Targets” in New York.
Wednesday, March 5 – 7 – SIFMA holds its Insurance-Linked Securities Conference in Miami, Florida.

Think Tanks and Other Events

Wednesday, March 5, 1:30 p.m. – The Peterson Institute holds a hybrid meeting entitled “USMCA Forward 2025 Launch: Navigating North American Trade Amid Global Changes.”

Recommended Reads

Trends in Credit Unions' Share of U.S. Private Depository Household LendingFederal Reserve Board’s FEDS Notes
Trump Wants to Unleash the Banks. End the Bailout Culture First Ross Levine/Barron’s (Jan 24)
OCC Denies Plans to Consolidate Federal Banking Regulators Bloomberg Law (Feb. 20)
Why bank M&A is off to a sluggish start in 2025 American Banker (Feb. 20)

Francis Kelly 3/2/25 Francis Kelly 3/2/25

The Global Week Ahead

Russia’s War on Ukraine At An Inflection Point, The EU Meets to Discuss Its Security Future, China’s People’s Political Consultative Conference and National People’s Congress Meet, Trump’s Canada/Mexico/China Tariffs Go Into Effect, and The ECB Sets Interest Rates

March 2 - 9, 2025

It is not often you can write that the coming week is likely to be truly historic, a true crossroads of where the world will go. This appears to be one of those weeks. Following the bizarre blow-up in the White House Oval Office between President Trump, Vice President Vance, and Ukrainian President Zelensky, the future of Ukraine’s freedom lies in the balance and Europe looks to be poised to begin pursuing their own security arrangements out of fear of being abandoned by the US after 80 years of mutual security arrangements.

Today (Sunday) saw British Prime Minister Keir Starmer hosting a summit in London where he called for a “coalition of the willing” to defend Ukraine. Both the UK and France committed to sending peacekeeping troops to help in the efforts to reach a cease-fire. Later this week, There will be a Special European Council meeting in Brussels to discuss the situation in Ukraine and what the EU should do as President Trump continues to attack President Zelensky and suggest the US will stop militarily supporting Ukraine. As European Council President António Costa said, “We are living in a defining moment for Ukraine and European security.”

At the time of this writing, President Zelensky has told reporters he is still ready to sign a U.S.-Ukraine minerals deal despite the shouting match with President Trump and being kicked out of the White House. But what is not clear is how – or even if – Trump and Zelensky can patch up their relationship to even sign the deal.

Meanwhile, China’s National People’s Congress and People’s Consultative Conference come together to meet in Beijing this week. The meetings will offer important insights into where Beijing will steer the economy and how it might deal with President Trump and forthcoming tariffs. The meetings will not be easy for Chinese leaders to successfully manage market expectations of economic policy.

The new US tariffs on China – now set at 20% by President Trump – are scheduled to go into effect this coming Saturday. Canada and Mexico are also set to get hit with 25% tariffs by President Trump. We would note that Trump indicated over the weekend he has ordered a new probe of Canada’s lumber exports to the US, suggesting he will place new tariffs on that sector, too. Up to 30 percent of softwood lumber used to build houses in the US comes from Canada. And a large percentage of gypsum (used for drywall) used in US housing comes from Canada.

We are likely to learn more about President Trump’s tariff agenda when he addresses a Joint Session of Congress on Tuesday. The Annual State of the Union speech will offer Trump an opportunity to also lay out more details of his domestic and foreign policy agenda for the year. He is expected to make a strong push for his signature tax and budget Reconciliation package currently being put together in the House of Representatives.

Also this week, Canada’s Liberal Party will choose a new leader on Sunday to replace incumbent Prime Minister Justin Trudeau.

Turning to the global economic radar screen, the big event of the week is the European Central Bank meeting to decide interest rates Thursday. Markets are expecting another likely 25 basis points.

Markets are looking at major data releases this week out of Asia. China releases official PMIs for February as well as trade data while the People’s Congress is being held.

Bringing it back to the US, the Federal Reserve releases the Beige Book on Wednesday as well as the ISM indices. Fed Chair Jay Powell will also give a speech on the state of the economy on Friday after jobs data is released that morning.

Below is what else we are watching around the world this coming week:

Sunday, March 2, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· The 97th Academy Awards ceremony is held, where they give a bunch of awards for movies most of us have never seen or heard of.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Tajikistan holds parliamentary and local elections.

· Japanese Prime Minister Shigeru Ishiba faces a deadline to get his proposed budget passed by the lower house of parliament.

· Today is Peasant Day in Myanmar, held to celebrate the hard work of peasants.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· UK Prime Minister Keir Starmer is hosting an informal meeting with EU leaders on Ukraine and security in Europe. NATO Secretary-General Mark Rutte will also attend.

· Austria's liberal Neos party members will vote to approve a coalition agreement with the center-right Austrian People's Party and the center-left Social Democratic Party.

· Hamburg, Germany holds state elections.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Monday, March 3, 2025

Global

· The UN hosts the Organizational Session for the 2026 UN Water Conference at the United Nations Headquarters in New York.

· The Board of Governors of the International Atomic Energy Agency meet in Vienna, Austria through March 7.

· The UN hosts the 3rd meeting of countries party to the Treaty on the Prohibition of Nuclear Weapons.

· Ambassador Christina Markus Lassen, Permanent Representative of Denmark and President of the Security Council for the month of March, will hold a press briefing on the agenda for the month.

Americas

Political/Social Events –

· The 2025 Pacific Operational Science & Technology (POST) five-day conference begins in Honolulu, Hawaii, hosted by the National Defense Industrial Association and the US Indo-Pacific Command.

Economic Reports/Events –

· St. Louis Federal Reserve Bank President Alberto Musalem speaks on the U.S. economy and monetary policy and participates in a moderated conversation before the National Association for Business Economics 41st Annual Economic Policy Conference.

· Mexico Foreign Exchange Reserves (January)/ Business Confidence (February)/ S&P Global Manufacturing PMI (February)

· Chile IMACEC Economic Activity (January)

· Brazil S&P Global Manufacturing PMI (February)/ BCB Focus Market Readout

· Canada S&P Global Manufacturing PMI (February)

· Colombia Davivienda Manufacturing PMI (February)

· USA S&P Global Manufacturing PMI (February)/ ISM Manufacturing PMI (February)/ ISM Manufacturing Employment & New Orders & Prices (February)/ Construction Spending (January)

Asia

Political/Social Events –

· An International Monetary Fund delegation will arrive in Pakistan for the first review of Pakistan's bailout fund.

· In the Philippines, Combined Arms Training Exercise “Catex” takes place in Luzon, Mindanao, and Visayas.

Economic Reports/Events –

· New Zealand Terms of Trade Q4/ Import Prices Q4/ Export Prices Q4

· Australia S&P Global Australia Manufacturing PMI (February)/ TD-MI Inflation Gauge (February)/ Company Gross Profits Q4/ ANZ-Indeed Job Ads (February)/ Business Inventories Q4/ Commodity Prices (February)

· Indonesia S&P Global Manufacturing PMI (February)/ Inflation Rate (February)/ Tourist Arrivals (January)

· Japan Jibun Bank Manufacturing PMI (February)

· Malaysia S&P Global Manufacturing PMI (February)

· Philippines S&P Global Manufacturing PMI (February)

· Taiwan S&P Global Manufacturing PMI (February)

· Thailand S&P Global Manufacturing PMI (February)

· Vietnam S&P Global Manufacturing PMI (February)

· China Caixin Manufacturing PMI (February)

· India HSBC Manufacturing PMI (February)

· Kazakhstan Freedom Holding Corp. Manufacturing PMI (February)/ Inflation Rate (February)

· Hong Kong Retail Sales (January)

· Singapore SIPMM Manufacturing PMI (February)

Europe

Political/Social Events –

· EU President Ursula von der Leyen will participate in the Strategic Dialogue on the Future of the European Automotive Industry in Brussels.

· He EU Central Asia Ministerial Meeting takes place in Ashgabat, Turkmenistan.

· MWC Barcelona, the biggest annual event for the telecommunications industry, kicks off on Monday. The four-day event will welcome some of the biggest names in mobile networks and devices, satellites and more, including Huawei and Xiaomi of China, Japan's SoftBank and SK Hynix of South Korea.

· NATO holds Dynamic Mantra 25 joint maritime exercises in the Mediterranean Sea through March 14.

· Today is Bulgarian Independence Day, celebrating when the country became an independent state in 1878 after more than 500 years of Ottoman control.

· Paris Fashion Week begins.

Economic Reports/Events –

· European Central Bank (ECB) Board Member Claudia Buch, who chairs the ECB Supervisory Board, gives a keynote speech at the18th Finanzplatztag event organized by Börsenzeitung in Frankfurt, Germany. She is expected to talk about banking union, its challenges and achievements.

· Ireland AIB Manufacturing PMI (February)

· Russia S&P Global Manufacturing PMI (February)

· Romania BCR Manufacturing PMI (February)

· Turkey Inflation Rate (February)/ Istanbul Chamber of Industry Manufacturing PMI (February)/ PPI (February)

· Hungary Balance of Trade (January)/ HALPIM Manufacturing PMI (February)

· Poland S&P Global Manufacturing PMI (February)

· Spain HCOB Manufacturing PMI (February)/ Consumer Confidence (January)/ New Car Sales (February)

· Switzerland procure.ch Manufacturing PMI (February)

· Italy HCOB Manufacturing PMI (February)/ Full Year GDP Growth 2024/ Government Budget 2024/ New Car Registrations (February)

· France HCOB Manufacturing PMI (February)

· Germany HCOB Manufacturing PMI (February)

· Great Britain BoE Consumer Credit (January)/ Mortgage Approvals & Lending (January)/ S&P Global Manufacturing PMI (February)/ M4 Money Supply (January)/ Net Lending to Individuals (January)

· Euro Area HCOB Manufacturing PMI (February)/ Inflation Rate (February)/ CPI Flash (February)

· Ukraine Current Account (January)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Jordan PPI (January)

· Qatar Inflation Rate (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nigeria Stanbic IBTC Bank Nigeria PMI (February)

· South Africa ABSA Manufacturing PMI (February)/ Total New Vehicle Sales (February)

· Egypt Foreign Exchange Reserves (February)/ M2 Money Supply (January)

Tuesday, March 4, 2025

Global

· UN Secretary-General Antonio Guterres will be in Cairo, Egypt to join the Extraordinary Summit of the League of Arab States to discuss the reconstruction of Gaza. Leaders from across the Arab world will come together in this emergency meeting to discuss what can be done to rebuild Gaza and on what potential timeframe.

· It is “Fat Tuesday” – otherwise known as Shrove Tuesday and in New Orleans, Louisiana, Mardi Gras – in advance of Lent.

Americas

Political/Social Events –

· US President Donald Trump addresses a joint session of Congress (the State of the Union Address).

· US tariffs on Canada and Mexico are scheduled to go into effect, putting 25% tariffs on goods for both countries. Additionally, the US is putting a 20% increase in tariffs on China’s goods.

· The U.S. Supreme Court hears oral arguments in a Mexican lawsuit against U.S. gun manufacturers.

· Mayoral elections are held in the US cities of Aspen, Colorado, Chattanooga, Tennessee, and Tuscaloosa, Alabama.

Economic Reports/Events –

· New York Federal Reserve Bank President John Williams participates in moderated discussion at a Bloomberg Invest event organized by Bloomberg LP in New York.

· USA Redbook (March/01)/ RCM/TIPP Economic Optimism Index (March)/ API Crude Oil Stock Change (February/28)/ LMI Logistics Managers Index (February)

· Colombia Exports (January)

Asia

Political/Social Events –

· The Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, and the legislative National People's Congress (NPC) both hold their annual meetings in Beijing. Premier Li Qiang is expected to announce economic growth and budget targets, as markets watch for signs of how Beijing will move to boost domestic demand and navigate U.S. trade tensions.

· The Philippines will host the Asia-Pacific Trade Facilitation Conference 2025 in Manila through March 5.

· South Korea launches its first alternative stock trading system with longer trading hours and lower fees, a move aimed at luring more investors. Nextrade will offer trading services from 8:00 a.m. to 8:00 p.m., challenging the Korea Exchange which has been the country's sole bourse since 1956.

· Singapore hosts the inaugural Business Aviation Asia Forum & Expo, with more than 50 participating companies including Boeing Business Jets, Dassault Aviation and Honeywell. The three-day event will alternate with the biennial Singapore Airshow, one of Asia's largest industry expos.

· Micronesia holds parliamentary elections.

Economic Reports/Events –

· New Zealand Building Permits (January)/ Global Dairy Trade Price Index (March/04)

· South Korea Industrial Production (January)/ Retail Sales (January)/ S&P Global Manufacturing PMI (February)

· Japan Unemployment Rate (January)/ Jobs/applications ratio (January)/ Capital Spending Q4/ Consumer Confidence (February)

· Australia RBA Meeting Minutes/ Retail Sales (January)/ Current Account Q4/ Net Exports Contribution to GDP Q4

· Philippines PPI (January)

· Pakistan Balance of Trade (February)

Europe

Political/Social Events –

· There will be an informal meeting of EU Telecommunications ministers in Brussels through March 5. There is no formal agenda.

· EU President Ursula von der Leyen will participate in the Strategic Dialogue on Steel in Brussels.

· Russian President Vladimir Putin will meet with Myanmar's military leader, Senior Gen. Min Aung Hlaing, in Moscow.

Economic Reports/Events –

· Romania Unemployment Rate (January)/ PPI (January)

· Hungary GDP Growth Rate Q4

· France Budget Balance (January)/ New Car Registrations (February)

· Slovakia Real Wages Q4

· Spain Unemployment Change (February)/ Tourist Arrivals (January)

· Greece S&P Global Manufacturing PMI (February)/ Unemployment Rate (January)

· Italy Unemployment Rate (January)

· Euro Area Unemployment Rate (January)

· Ireland Construction Output Q4

· Turkey Imports/ Exports/ Balance of Trade (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Saudi Arabia Riyad Bank PMI (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Egypt S&P Global PMI (February)

· South Africa GDP Growth Rate Q4

Wednesday, March 5, 2025

Global

· Today is Ash Wednesday, the start of the Lenten season, six weeks before Easter is celebrated in the Western rite of Christianity.

Americas

Political/Social Events –

· Treasury Secretary Scott Bessent meets with Israeli Finance Minister Smotrich in Washington, D.C. to discuss Gaza and other regional issues.

· The Ottawa Conference on Security and Defense begins in Ottawa, Canada and runs through March 6.

Economic Reports/Events –

· Brazil PPI (January)/ S&P Global Composite & Services PMI (February)

· Mexico Gross Fixed Investment (December)

· US Federal Reserve Beige Book/MBA Mortgage Market Index (February/28)/ MBA Purchase Index (February/28)/ ADP Employment Change (February)/ S&P Global Composite & Services PMI (February)/ ISM Services PMI (February)/ Factory Orders (January)/ ISM Services Business Activity/ Services Employment/ Services New Orders/ Services Prices (February)/ EIA Crude Oil & Gasoline Stocks Change (February/28)/ Total Vehicle Sales (February)

· Canada Labor Productivity Q4/ S&P Global Composite & Services PMI (February)

· Paraguay Inflation Rate (February)

· Uruguay Inflation Rate (February)

· Colombia PPI (February)

Asia

Political/Social Events –

· The ASEAN-Cambodian Business Summit begins in Phnom Penh.

Economic Reports/Events –

· Bank of Japan Governor Kazuo Ueda gives a speech at an IMF event entitled “Asia and the IMF: Resilience through Cooperation” in Tokyo.

· Bank of Japan Deputy Governor Shinichi Uchida gives a speech to local leaders in Shizuoka, Japan.

· Australia RBA Hauser Speech/ Ai Group Industry/ Construction/ Manufacturing Index (February)/ S&P Global Australia Composite & Services PMI (February)/ GDP Growth Rate/ Capital Expenditure/ Chain Price Index/ Final Consumption Q4/ RBA Payments System Board Meeting

· South Korea GDP Growth Rate Q4

· Hong Kong S&P Global PMI (February)

· Japan Jibun Bank Composite & Services PMI (February)

· Singapore S&P Global PMI (February)/ Retail Sales (January)

· Philippines Inflation Rate (February)

· China Caixin Composite & Services PMI (February)

· Thailand Inflation Rate (February)

· India HSBC Composite & Services PMI (February)/ M3 Money Supply (February/21)

· Taiwan Foreign Exchange Reserves (February)

· Kazakhstan Freedom Holding Corp. Services PMI (February)

Europe

Political/Social Events –

· EU Justice and Home Affairs Council (Home Affairs) will meet in Brussels. They will discuss the current entry/exit system, the state of the Schengen Agreement, migration issues, and internal security issues.

· EU President Ursula von der Leyen meets with World Bank President Ajay Banga in Brussels.

· Today is the 75th Anniversary of Josef Stalin’s death. You might want to watch the 2018 movie “The Death of Stalin” to celebrate the death of this horrific tyrant. It is both quite dark comedy and, amazingly, nearly 100 percent factually accurate about the bizarre internal social and political struggle among members of the Soviet Politburo that emerged following Stalin’s death.

Economic Reports/Events –

· The European Central Bank Governing Council begins a two-day monetary policy meeting in Frankfurt.

· Bank of England Governor Andrew Bailey, Chief Economist Huw Pill, Alan Taylor, and Megan Greene will testify before the UK Parliament’s Treasury Select Committee on the February Monetary Report.

· Ireland AIB Services PMI (February)/ Unemployment Rate (February)

· Russia S&P Global Composite & Services PMI (February)/ Unemployment Rate (January)/ Business Confidence (February)/ Corporate Profits (December)/ Real Wage Growth (December)/ Retail Sales (January)

· Switzerland Inflation Rate (February)

· France Industrial Production (January)/ HCOB Composite & Services PMI (February)

· Spain HCOB Composite & Services PMI (February)

· Italy HCOB Composite & Services PMI (February)/ GDP Growth Rate Q4/ Retail Sales (January)

· Germany HCOB Composite & Services PMI (February)

· Euro Area HCOB Composite & Services PMI (February)/ PPI (January)

· Great Britain New Car Sales (February)/ S&P Global Composite & Services PMI (February)

· Serbia PPI (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· United Arab Emirates S&P Global PMI (February)

· Lebanon BLOM Lebanon PMI (February)

· Qatar Financial Centre PMI (February)

· Israel Tourist Arrivals (February)

· Jordan Unemployment Rate Q4

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Mozambique Standard Bank PMI (February)

· South Africa S&P Global PMI (February)/ Business Confidence Q1

· Kenya Stanbic Bank PMI (February)

· Ghana S&P Global PMI (February)

Thursday, March 6, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Secretary of the Treasury Scott Bessent speaks at the Economic Club of New York.

Economic Reports/Events –

· Federal Reserve Board Governor Christopher J. Waller gives an economic outlook at the Wall Street Journal CFO Network Summit, New York, New York.

· Atlanta Federal Reserve Bank President Raphael Bostic participates in conversation on the economic outlook with some focus on the Birmingham, Alabama region.

· Brazil IPC-Fipe Inflation (February)/ Industrial Production (January)

· USA Challenger Job Cuts (February)/ Imports/ Exports/ Balance of Trade (January)/ Initial Jobless Claims (March/01)/ Wholesale Inventories (January)/ EIA Natural Gas Stocks Change (February/28)/ Fed Balance Sheet (March/05)/ 15- & 30-Year Mortgage Rate (March/06)

· Canada Imports/ Exports/ Balance of Trade (January)/ Ivey PMI s.a (February)

· Ecuador Inflation Rate (February)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Korea Foreign Exchange Reserves (February)/ Inflation Rate (February)

· Japan Foreign Bond Investment (March/01)/ Stock Investment by Foreigners (March/01)/ Foreign Exchange Reserves (February)

· Australia Imports/ Exports/ Balance of Trade (January)/ Building Permits (January)/ Private House Approvals (January)

· Philippines Unemployment Rate (January)

· Vietnam Balance of Trade (February)/ Foreign Direct Investment (February)/ Industrial Production (February)/ Inflation Rate (February)/ Retail Sales (February)/ Tourist Arrivals (February)

· Malaysia Interest Rate Decision

· Thailand Consumer Confidence (February)

Europe

Political/Social Events –

· There will be a Special European Council meeting in Brussels. This emergency summit has been called to discuss next steps for Ukraine and Europe’s security. As European Council President Antonio Costa said, “We are living a defining moment for Ukraine and European security.”

Economic Reports/Events –

· The European Central Bank rate decision is announced, and a press conference is to be held.

· European Central Bank President Christine Lagarde gives a pre-recorded video message at the Women's Forum event "Equality – Really?! (Gerechtigkeit – Echt jetzt?!)" organized by Oesterreichische Nationalbank in Vienna, Austria.

· Switzerland Unemployment Rate (February)

· Romania Retail Sales (January)

· Hungary Industrial Production (January)/ Retail Sales (January)

· Slovakia Retail Sales (January)

· Euro Area HCOB Construction PMI (February)/ Retail Sales (January)/ Deposit Facility Rate/ Marginal Lending Rate/

· France HCOB Construction PMI (February)

· Germany HCOB Construction PMI (February)/ New Car Registrations (February)

· Italy HCOB Construction PMI (February)

· Great Britain S&P Global Construction PMI (February)

· Turkey TCMB Interest Rate Decision/ Overnight Lending & Borrowing Rate (March)/ Foreign Exchange Reserves (February/28)

· Ukraine Interest Rate Decision

· Russia Vehicle Sales (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Business Confidence (February)

Africa

Political/Social Events –

· Ghana celebrates Independence Day, when the country gained independence from Great Britain in 1957.

Economic Reports/Events –

· South Africa Current Account Q4

Friday, March 7, 2025

Global

· The first meeting of the BRICS Information & Communications Technologies Working Group under the chairmanship of Brazil (who is chairing the BRICS in 2025) will be held in Sao Paulo, Brazil. They are expected to discuss connectivity issues, space and environmental sustainability, and the digital ecosystem. Also, the 3rd meeting of the BRICS Agriculture Working Group is being held in Sao Paulo.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Federal Reserve Board Chair Jerome H. Powell gives a speech on the Economic Outlook at the University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum in New York.

· Federal Reserve Board Governor Michelle W. Bowman participates in a discussion entitled “Monetary Policy Transmission Post-COVID” at The University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum in New York.

· Federal Reserve Board Governor Adriana D. Kugler gives a speech entitled” The Rebalancing of Labor Markets Across the World” at the Bank of Portugal’s Conference on Monetary Policy Transmission and the Labor Market, Lisbon, Portugal. She gives a second speech later in the day at the Conference.

· New York Federal Reserve Bank President John Williams participates in panel discussion of the U.S. Monetary Policy Forum Report, “Monetary Policy Transmission Post-Covid" organized by the University of Chicago Booth School of Business.

· Chile Inflation Rate (February)/ Imports/ Exports/ Balance of Trade (February)

· Brazil Bank Lending (January)/ Car Production (February)/ Balance of Trade (February)

· Mexico Inflation Rate (February)/ Auto Exports (February)/ Auto Production (February)

· Canada Unemployment Rate (February)/ Employment Change (February)/ Full & Part Time Employment Change (February)/ Participation Rate (February)/ Average Hourly Wages (February)/ Capacity Utilization Q4

· USA Unemployment Rate (February)/ Average Hourly Earnings (February)/ Participation Rate (February)/ Government & Manufacturing Payrolls (February)/ U-6 Unemployment Rate (February)/ Baker Hughes Total Rigs Count (March/07)/ Consumer Credit Change (January)/ Used Car Prices (February)

· Costa Rica Inflation Rate (February)

· Argentina Industrial Production (January)

· Colombia Inflation Rate (February)

· El Salvador Inflation Rate (February)

Asia

Political/Social Events –

· Japan and the U.K.'s economy ministers are scheduled to meet in Tokyo for what's been dubbed a first-of-its-kind "two-plus-two" dialogue -- typically a regular meeting of foreign and trade ministers. The pair are likely to commit to strengthening economic ties in the wake of growing uncertainty over Washington's trade policies.

· Vietnam places temporary anti-dumping levies against Chinese steel products.

Economic Reports/Events –

· South Korea Current Account (January)

· Philippines Industrial Production (January)/ Foreign Exchange Reserves (February)

· Sri Lanka Tourist Arrivals (February)

· China Imports/ Exports/ Balance of Trade (January & February)/ Foreign Exchange Reserves (February)

· Indonesia Foreign Exchange Reserves (February)

· Thailand Foreign Exchange Reserves (February)

· Taiwan Imports/ Exports/ Balance of Trade (February)/ Inflation Rate (February)

· Hong Kong Foreign Exchange Reserves (February)

· Singapore Foreign Exchange Reserves (February)

· India Foreign Exchange Reserves (February/28)

Europe

Political/Social Events –

· There will be a meeting of EU Justice and Home Affairs Council (Justice) in Brussels. The agenda items include a policy debate on “insolvency, the rule of law as a pillar of democracy, and the fight against impunity, and fundamental rights including on the application of the EU Charter on Fundamental Rights.”

Economic Reports/Events –

· European Central Bank President Christine Lagarde gives the welcome address at the ECB International Women's Day 2025 conference "Closing the Financial Literacy Gap" in Frankfurt, Germany. Later, she participates in a conversation with Claudia Buch, Klaas Knot, Annamaria Lusardi, Joachim Nagel, and Fabio Panetta at ECB International Women's Day 2025 conference "Closing the Financial Literacy Gap" in Frankfurt, Germany.

· Bank of England Member of the Monetary Policy Committee Catherine Mann will give a keynote lecture at the Reserve Bank of New Zealand Research Conference entitled “holding anchor in turbulent waters”

· Germany Factory Orders (January)

· Romania GDP Growth Rate Q4

· Great Britain Halifax House Price Index (February)/ BBA Mortgage Rate (February)

· France Imports/ Exports/ Balance of Trade (January)/ Current Account (January)/ Foreign Exchange Reserves (February)

· Slovakia GDP Growth Rate Q4

· Spain Industrial Production (January)

· Switzerland Foreign Exchange Reserves (February)

· Slovenia Balance of Trade (January)

· Euro Area Employment Change Q4/ GDP Growth Rate Q4

· Greece GDP Growth Rate Q4

· Ireland Current Account Q4/ GDP Growth Rate Q4/ GNP Q4/ Industrial Production (January)

· Ukraine Foreign Exchange Reserves (February)

· Turkey Treasury Cash Balance (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Foreign Exchange Reserves (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Foreign Exchange Reserves (February)

· Nigeria Balance of Trade (October)/ Balance of Trade (November)/ Balance of Trade (December)

Saturday, March 8, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Brazil celebrates the last day of the Rio Carnival.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Elections are held in Western Australia for local legislative assembly and legislative council seats.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, March 9, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Canada’s Liberal Party selects a new leader.

· Honduras holds primary elections.

· Daylight Savings Time begins in the US.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· China Inflation Rate (February)/ PPI (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Saudi Arabia GDP Growth Rate Q4

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Francis Kelly 2/28/25 Francis Kelly 2/28/25

U.S. Financial Regulatory Week Ahead

The Regulatory Confirmation Process Begins, the End of OCC/FDIC Merger Talk, Barr’s Regulatory Swan Song Speech DOGE Continues Its Review As Federal Workers Have to Respond to Musk Email

February 24 - 28, 2025

The new class of federal regulatory nominees begins the confirmation process this week as Jonathan McKernan, the nominee to run the Consumer Financial Protection Bureau (CFPB), and Bill Pulte, the nominee to run the Federal Housing Finance Agency, stand before the Senate Banking Committee. It is not clear yet when SEC Chair nominee Paul Atkins, CFTC Chair nominee Brian Quintenz, or Comptroller of the Currency (OCC) nominee Jonathan Gould will get his confirmation hearing, but rumor is that they will take place in the coming three weeks.

Also, on Capitol Hill this week, there are several hearings of note happening. The House Financial Services Committee will be holding two hearings, one entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.” The second hearing will take a broad review of finance and China.

Among regulators, Federal Reserve Board Vice Chair for Supervision Michael Barr will be giving his final speech as Vice Chair. He will be at the Yale School of Management and speaking on financial stability.

Meanwhile, after several months of speculation about a possible effort to merge the OCC and the FDIC was put to rest this past week. The OCC this past week denied plans to put the two agencies together (something the Heritage Foundation’s Project 2025 had urged). The response was issued after reports of the OCC planning to receive transferred or fired FDIC workers coming over the agency.

Meanwhile, the Elon Musk DOGE effort continues apace with regulators as well as larger departments (particularly the Department of Defense) coming under intensified scrutiny (there were reports late last week that Defense could see tens of thousands of civilian employees let go). While all this is going on, an email was sent to all federal employees from DOGE demanding federal workers describe by Monday what they do and justify their work. A number of federal agencies, in response to the email, told workers to ignore the email, leaving many workers confused as to what would happen if they indeed ignored the email.

Below is what else we are watching in the Washington financial regulatory world this coming week:

U.S. Congressional Hearings

U.S. Senate

· Wednesday, February 26, 2:30 p.m. – The Senate Banking Committee will hold a hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”

· Wednesday, February 26, 10:30 a.m. – The Senate Agriculture Committee will hold a hearing entitled “Perspectives from the Field: Farmer and Rancher Views on the Agricultural Economy, Part 2”

· Thursday, February 27, 10:00 a.m. – The Senate Banking Committee will hold confirmation hearings for Stephen Miran to be Chair of the Council of Economic Advisors, Jeffrey Kessler to be Undersecretary of Commerce for Industry and Security, and Jonathan McKernan to be Director of the Bureau of Consumer and Financial Protection.

House of Representatives

· Tuesday, February 25, 10:00 a.m. – The House Financial Services Committee will hold a hearing entitled “Examining Policies to Counter China.” You can read the background Committee memo to members HERE. The committee will also consider seventeen separate bills focused on issues ranging from money laundering to SEC regulations for te World Bank to the African Development Fund.

· Tuesday, February 25, 10:00 a.m. – The Trade Subcommittee of the House Ways & Means Committee will hold a hearing entitled “American Trade Enforcement Priorities”

· Wednesday, February 26, 10:00 a.m. – The Capital Markets Subcommittee of the House Financial Services Committee will hold a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”

Federal Department & Regulatory Agency Meetings & Events

Federal Reserve Board and Federal Reserve Banks

· Tuesday, February 25, 11:45 a.m. – Federal Reserve Board Vice Chair for Supervision Michael S. Barr will give a speech on Financial Stability followed by Q&A at the Yale School of Management in New Haven, Connecticut.

· Thursday, February 27, 11:45 a.m. – Federal Reserve Board Governor Michelle W. Bowman will give a speech on community banking at the Fort Hays State University Robbins Banking Institute Lecture Series, Hays, Kansas.

U.S. Treasury Department

· There are no significant events scheduled at this time.

Department of Commerce

· There are no significant events scheduled at this time.

Department of Housing and Urban Development

· There are no significant events scheduled at this time.

Securities and Exchange Commission

· Monday, February 24, 8:45 a.m. – The Florida Bar’s Federal Securities Institute and M&A Conference will be held in Tampa, Florida. Acting SEC Chair Mark Uyeda will speak.

· Tuesday, February 25, 10:00 a.m. – The SEC’s Small Business and Capital Formation Advisory Committee will meet. They will hear from two speakers – Ashok Kamal, Executive Director, NuFund Venture Group, and Sara Zulkosky, Co-Founder & Managing Partner, Recast Capital, on “Exploring Ways to Support and Facilitate Capital Formation for Emerging Fund Managers.” The Committee will hold a second session entitled “Understanding the Challenges Faced by Small Public Companies Not Listed on a National Securities Exchange.”

· Wednesday, February 26, 10:00 a.m. – The SEC will hold an Open Meeting to consider the “Final Rule Extending Compliance Dates and Order Granting Temporary Exemptive Relief for Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule with Respect to U.S. Treasury Securities.”

· Thursday, February 27, 2:00 p.m. – The SEC will hold a Closed Meeting.

Commodities Futures Trading Commission

· Tuesday, February 25, 11:40 a.m. (Germany) – CFTC Acting Chair Caroline D. Pham will participate in a fireside chat at the Sixth Joint Conference on CCP Risk Management 2025 in Frankfurt, Germany.

· Wednesday, February 26, 10:20 a.m. (Germany) – Acting Chairman Caroline D. Pham will be featured on a fireside chat titled, “Transatlantic Trends – The U.S. Election and Its Impact on Europe” at the Derivatives Forum Frankfurt 2025.

Federal Deposit Insurance Corporation

· There are no significant events scheduled at this time.

Office of the Comptroller of the Currency

· There are no significant events scheduled at this time.

The Consumer Financial Protection Bureau

· There are no significant events scheduled at this time.

National Credit Union Administration

· Thursday, February 27, 10:00 a.m. – The National Credit Union Administration will hold a board meeting. The agenda includes Board Briefing, Share Insurance Fund Quarterly Report and the NCUA Board Vice Chairman Designation.

FINRA

· There are no significant events scheduled at this time.

Federal Housing Finance Agency

· There are no significant events scheduled at this time.

Federal Trade Commission & Department of Justice Antitrust Division

· There are no significant events scheduled at this time.

Farm Credit Administration

· There are no significant events scheduled at this time.

Farm Credit Insurance Corporation

· There are no significant events scheduled at this time.

Small Business Administration

· There are no significant events scheduled at this time.

International Monetary Fund & World Bank

· There are no significant events scheduled at this time.

North American Securities Administrators Association

· There are no significant events scheduled at this time.

Trade Associations & Think Tank Events

Trade Associations

· Monday – Wednesday, February 24 -26 -- The American Bankers Association holds its Wealth Management and Trust Conference in San Diego, California.

Think Tanks and Other Events

· Tuesday, February 25, 7:15 a.m. – The Economic Club of Washington, D.C. holds a discussion with Bank of America CEO Brian Moynihan on "the current state of the economy, markets, the health of the U.S. consumer, and the global economic outlook for 2025."

· Tuesday & Wednesday, February 25 & 16 – The American Conference Institute, the Canadian Institute, and C5 hold a forum on "Global Export Controls” in Arlington, Virginia. John Sonderman, director of the Commerce Department Bureau of Industry and Security's Office of Export Enforcement and Paul Ahern, chief counselor for enforcement at the Treasury Department's Office of Terrorism and Financial Intelligence, will be keynote speakers.

· Wednesday, February 26, 9:00 a.m. – The Peterson Institute for International Economics will hold a virtual event entitled “The Trump Administration’s policies and global financial risk.”

Thursday, February 27, 11:00 a.m. – The Bipartisan Policy Institute is holding a hybrid event entitled “Searching for Solutions: Property Insurance and Housing Affordability.”

Francis Kelly 2/23/25 Francis Kelly 2/23/25

The Global Week Ahead

Ukraine Peace Efforts Intensify as the 3rd Anniversary of Russia’s Invasion is Marked, Germany Holds Elections, and G20 Finance Ministers and Central Bankers Meet in South Africa

February 23 - March 1, 2025

Monday marks the 3rd anniversary of Russia's invasion of Ukraine. In the shadow of this sad milestone, President Trump is continuing his rapid move to force peace talks between Russia and Ukraine, which are spurring multiple events this coming week.

First, French President Emmanual Macron will travel to Washington on Monday for meetings with President Trump on the situation. Later in the week, UK Prime Minister Keir Starmer will travel to Washington for talks, too. The talks will include talks regarding Trump's threat to place tough new tariffs on Europe. We would note that Polish President Andrzej Duda met with President Trump yesterday (Saturday) in Washington to discuss Ukraine and US-Polish security arrangements and cooperation.

In Europe, EU foreign affairs ministers will meet to discuss the current state of peace efforts and the situations in Gaza, Lebanon, and Syria. Israeli Foreign Minister Gideon Ada will attend those meetings.

Meanwhile, results from Germany's elections are coming in today (Sunday). As expected, the Christian Democratic Union/Christian Social Union (CDU/CSU) coalition led by Fredrik Mertz looks to have won the elections with 29 percent of the vote. But in a historic first, the fa-right AfD Party came in second with more than 20 percent of the vote. The CDU/CSU will likely have to form a coalition with either the Social Democratic Party (SPD), Green Party, or libertarian Free Democratic Party (if they reach the threshold of 5 percent required to be seated in the parliament – they are currently coming at 4.7 percent in exit polls) to form a ruling government. Merz has said he will refuse to work with the AfD.

In Washington, Monday is the deadline for all federal workers to comply with a demand from Elon Musk's DOGE explaining their work or risk being fired. A number of federal agencies, including the Federal Bureau of Investigations (FBI) under new Director Kash Patel, have ordered employees to ignore the demand, leaving many federal workers confused as to what to do.

In Congress, the House will continue its efforts to hammer out a massive tax and budget Reconciliation bill in the face of a looming March 14 government shutdown. Speaker of the House Michael Johnson (R-LA) is hoping to hold a vote on the bill by the end of the week, but likely disagreements among various factions in the Republican Caucus are likely to derail the effort, particularly around efforts aimed at cutting Medicaid. The Senate passed a $340 budget reconciliation bill (leaving tax for another Reconciliation later this year) on Friday. President Trump has said he prefers the House strategy of rolling the giant budget and tax bill into "One big, beautiful bill," but Senate Republicans have still moved on their two-bill track as a backup in case the House fails.

Looking at the global economic radar screen, markets are looking to Friday's US PCE release—which the Federal Reserve uses as its favored inflation gauge—which comes after the Conference Board's Consumer Confidence Index on Tuesday and the durable goods report on Thursday.

In Asia, Japan's CPI data is released on Friday following the PPI print on Tuesday. In Europe, the European Central Bank's meeting minutes from their January meeting are out on Thursday. Germany, France, and Italy publish inflation prints on Friday.

Below is what else we are watching around the world this coming week:

Sunday, February 23, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Today is Guyana Republic Day, a national holiday.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Today is Japanese Emperor Naruhito’s 65th birthday.

· Today is National Day in Brunei, a public holiday.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Germany holds parliamentary elections that will determine the new leadership of the country. Christian Social Union leader Fredrik Mertz is seen as the likely next Chancellor. However, it is unclear what sort of coalition he will form to avoid the surging ultra-rightwing AfD Party.

· Russia celebrates Defender of the Fatherland Day, otherwise known in Russia as Men’s Day, aimed at honoring men who serve in the armed forces.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Hezbollah's former Secretary General Sheikh Hassan Nasrallah will be buried in Lebanon.

Economic Reports/Events –

· Israel Manufacturing Production (December)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Monday, February 24, 2025

Global

· The UN’s 58th session of the Human Rights Council begins in Geneva, Switzerland. UN Secretary-General Antonio Guterres will open the session with a keynote speech.

· The UN Security Council is scheduled to hold a briefing on Ukraine.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Brazil FGV Consumer Confidence (February)/ BCB Focus Market Readout

· Chile PPI (January)

· Mexico Mid-month Inflation Rate (February)

· Canada BoC Gravelle Speech

· USA Chicago Fed National Activity Index (January)/ Dallas Fed Manufacturing Index (February)

· Paraguay PPI (January)

· Peru Current Account Q4

Asia

Political/Social Events –

· British Business and Trade Secretary Jonathan Reynolds will travel to Delhi, India, for the 15th round of U.K.-India free trade negotiations.

· Today is the birthday of the Japanese Emperor Naruhito. Financial markets are closed.

· Indonesia launches Danantara, a sovereign wealth fund with more than $900 billion in assets under management. Projects to be financed by the new fund are seen as crucial to attracting foreign investment and reaching Jakarta's goal of 8% annual economic growth.

Economic Reports/Events –

· Masato Kanda becomes Asian Development Bank president, succeeding Masatsugu Asakawa, who stepped down yesterday. Kanda will complete the unexpired term of Asakawa, which ends on November 23, next year.

· New Zealand Retail Sales Q4/ Credit Card Spending (January)

· Indonesia M2 Money Supply (January)

· Thailand Imports/ Exports/ Balance of Trade (January)

· Singapore Inflation Rate (January)

· Taiwan M2 Money Supply (January)

Europe

Political/Social Events –

· The EU Foreign Affairs Council will meet in Brussels. Ministers will discuss the current state of play in Ukraine, the situation in Syria and Lebanon, and the situation in the Democratic Republic of Congo. Israeli Foreign Minister Gideon Saar will attend the meetings.

· The EU Agriculture and Fisheries Council meets in Brussels. Ministers will discuss the agricultural markets in the wake of Russia’s invasion of Ukraine.

· EU President Ursuala von der Leyen will travel to Ukraine to meet with President Zelensky.

· The EU-Israel Association Council will meet in Brussels. The meeting will engage in political dialogue, focusing on the conflict in Gaza and Israeli-Palestinian relations, regional issues, including Iran, and global issues.

· A delegation of the EU Internal Market and Consumer Protection Committee will travel to Washington DC to meet with US Congress, US government entities, academics and industries representatives, as part of efforts to strengthen transatlantic cooperation in key policy areas.

· A delegation from the EU Economic and Monetary Affairs Committee will go to London to discuss EU-UK relations. They will cover competitiveness and investment, Ukraine’s reconstruction and sanctions against Russia, banking supervision, financial services, and digital finance. MEPs will meet, among others, the Bank of England Deputy Governor, the Financial Secretary to the Treasury and members of House of Lords and House of Commons

· Russia celebrates Day of the Defenders of the Motherland.

· Estonia celebrates Independence Day. Markets are closed.

Economic Reports/Events –

· The Bank of England begins a two-day conference at its London conference center on the theme “The Future of the Central Bank Balance Sheet” to promote policy-relevant research in this field by bringing together researchers from academia, central banks and international institutions.

· Turkey Business Confidence (February)/ Capacity Utilization (February)

· Switzerland Non-Farm Payrolls Q4

· Slovakia Inflation Rate (January)

· Germany Ifo Business Climate (February)/ Ifo Current Conditions (February)/ Ifo Expectations (February)

· Poland Unemployment Rate (January)/ Retail Sales (January)/ M3 Money Supply (January)

· Slovenia Business Confidence (February)

· Euro Area Inflation Rate (January)/ CPI Final (January)

Middle East

Political/Social Events –

· Turkish President Recep Tayyip Erdogan's ruling AKP party holds congress meeting.

· UAE President Mohammed bin Zayed al-Nahyan makes a state visit to Italy.

Economic Reports/Events –

· Israel Interest Rate Decision

· Lebanon Inflation Rate (January)

· Qatar M2 Money Supply (January)/ Total Credit Growth (January)

· Oman M2 Money Supply (December)/ Total Credit (December)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Ivory Coast Inflation Rate (December)/ Inflation Rate (January)

Tuesday, February 25, 2025

Global

· There will be a virtual meeting of G7 heads of state will be held to discuss potential avenues for a peaceful resolution.

· Brazil will lead the first BRICS+ Sherpas meeting as president of the bloc in Rio de Janeiro.

· The UN Security Council is scheduled to hold a briefing in the Middle East followed by consultations.

· The UN Biodiversity 2025 Conference resumes sessions for the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity in Rome. Agenda includes securing $200bn annually for biodiversity by 2030.

Americas

Political/Social Events –

· President Trump hosts French President Emmanuel Macron for meetings on Ukraine and US-EU trade.

Economic Reports/Events –

· Federal Reserve Board Vice Chair for Supervision Michael S. Barr will give a speech on Financial Stability followed by Q&A at the Yale School of Management in New Haven, Connecticut.

· Dallas Federal Reserve Bank President Lorie Logan speaks before the 2025 BEAR (Bank of England Agenda for Research) Conference: “The Future of the Central Bank Balance Sheet" in London.

· Richmond Federal Reserve Bank President Thomas Barkin speaks on “Inflation Then and Now" before the Rotary Club of Richmond.

· Brazil IPCA mid-month CPI (February)

· Canada Manufacturing Sales (January)

· USA Redbook (February/22)/ S&P/Case-Shiller Home Price (December)/ House Price Index (December)/ CB Consumer Confidence (February)/ Richmond Fed Manufacturing & Services Revenues Index (February)/ Dallas Fed Services Index (February)/ Money Supply (January)/ API Crude Oil Stock Change (February/21)

· Argentina Economic Activity (December)

Asia

Political/Social Events –

· The 2025 Asia-Pacific Forum on Sustainable Development opens at the UN Conference Center in Bangkok, running until Friday.

· South Korea's Constitutional Court will hold its final hearing for President Yoon Suk Yeol's impeachment trial.

· The ASEAN Future Forum 2025 begins in Hanoi, Vietnam.

· China’s 62nd Intergovernmental Panel on Climate Change (IPCC) begins in the eastern city of Hangzhou.

· New Zealand's Prime Minister Christopher Luxon will visit Vietnam through February 28 to discuss mutual security and trade issues.

· India and Japan will conduct joint urban warfare and counterterrorism drills near Mount Fuji.

· The Philippines and Japan hold a Defense Ministerial meeting in Manila.

· Thailand and the U.S. jointly host the 43rd annual Cobra Gold exercise, the largest and longest-running military exercise in Southeast Asia. More than 8,000 personnel from the two host countries as well as Singapore, Indonesia, Japan, South Korea and Malaysia will take part. China, an emerging supplier of military equipment to Thailand, and India will join humanitarian assistance training.

· The Philippines celebrates People Power Day, commemorating when in 1986 demonstrations took place that began leading to the end of the Marcos regime.

Economic Reports/Events –

· South Korea Central Bank Interest Rate Decision

· Malaysia Coincident Index (December)/ Leading Index (December)

· Taiwan Industrial Production (January)/ Retail Sales (January)

· Hong Kong Imports/ Exports/ Balance of Trade (January)

· Thailand New Car Sales (January)

Europe

Political/Social Events –

· Today is the 3rd anniversary of Russia launching a full-scale invasion of Ukraine, a major escalation of the Russo-Ukrainian war that started in February 2014.

· The EU General Affairs Council will meet in Brussels. Ministers will discuss the Future of Europe and the legislative agenda.

· The European Commission will present its Clean Industrial Deal and its "simplification omnibus" package.

· Spanish Prime Minister Pedro Sanchez visits Kyiv for meetings with President Zelensky.

· NATO countries train in extreme cold conditions in Finland's Lapland during "Arctic Forge 25".

Economic Reports/Events –

European Central Bank Executive Board Member Isabel Schnabel gives a keynote speech at the Bank of England’s Annual Research Conference “The Future of the Central Bank Balance Sheet” in London.

European Union New Car Registrations (January)

· Germany GDP Growth Rate Q4

· Hungary Gross Wage (December)/ Deposit Interest Rate (February)/ Interest Rate Decision

· Slovenia Tourist Arrivals (January)

· Great Britain CBI Distributive Trades (February)

· Euro Area Negotiated Wage Growth Q4

· Spain Consumer Confidence (January)

Middle East

Political/Social Events –

· Kuwait celebrates National Day. Financial markets are closed.

Economic Reports/Events –

· Saudi Arabia Imports/ Exports/ Balance of Trade (December)

· Israel Composite Economic Index (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Leading Business Cycle Indicator (December)

Wednesday, February 26, 2025

Global

· The World Trade Organization holds a three-day trade policy review of Ukraine.

· The UN Security Council is scheduled to hold a briefing on Sudan, followed by consultations. In the afternoon, it is scheduled to hold consultations on 1718 Committee (dealing with North Korea).

Americas

Political/Social Events –

· President Trump will hold his first cabinet meeting.

Economic Reports/Events –

· Richmond Federal Reserve Bank President Thomas Barkin speaks on “Inflation Then and Now" before the Northern Virginia Chamber of Commerce.

· Atlanta Federal Reserve Bank President Raphael Bostic participates in a conversation on the economic outlook and housing before the Urban Land Institute's annual Housing Opportunity Conference.

· USA MBA Mortgage Market Index (February/21)/ New Home Sales (January)/ EIA Crude Oil & Gasoline Stocks Change (February/21)/ Fed Bostic Speech/ Building Permits Final (January)

· Canada Wholesale Sales (January)

· Colombia Business Confidence (January)

· Argentina Retail Sales (December)

Asia

Political/Social Events –

· Defense ministers from the Association of Southeast Asian Nations (ASEAN) hold a retreat on the Malaysian island of Penang to discuss strengthening regional security cooperation and strategic unity. On Friday, the bloc's economy ministers meet at Desaru in Malaysia's southern Johor state.

· Nikkei’s Japan-India-Africa Business Forum his held in Tokyo. A number of senior government officials and senior executives from various industries are scheduled to speak.

· Hong Kong unveils its budget for 2025, as a protracted downturn in the local property market and other factors weigh on the government's finances. Financial Secretary Paul Chan will be in the spotlight as observers look for any signs of changes to the city's low-tax structure, key to its appeal as a financial hub.

· Indonesia launches its first bullion bank in a move described by President Prabowo Subianto as essential for storing gold reserves extracted from local mines. The new bank is aimed at accommodating Indonesia's growing capability to produce gold bars.

Economic Reports/Events –

· Australia Construction Work Done Q4/ Monthly CPI Indicator (January)

· Japan Coincident Index Final (December)/ Leading Economic Index Final (December)

· Singapore Industrial Production (January)

· Thailand Interest Rate Decision

· Taiwan Unemployment Rate (January)/ GDP Growth Rate Q4

· Hong Kong GDP Growth Rate Q4

Europe

Political/Social Events –

· UK Prime Minister Kier Starmer travels to Washington, D.C., for meetings with President Trump to discuss trade and Ukraine.

Economic Reports/Events –

· Bank of England Monetary Policy Committee member Swati Dhingra gives the Dow Lecture, “Trade fragmentation and monetary policy”, at the offices of the think-tank the National Institute of Economic and Social Research in London.

· Ireland Consumer Confidence (February)

· Germany GfK Consumer Confidence MAR

· Hungary Balance of Trade Final (December)

· France Consumer Confidence (February)

· Spain PPI (January)

· Russia Summary of the Key Rate Discussion/ Industrial Production (January)

· Ireland Construction Output Q4

Middle East

Political/Social Events –

· The Infotopia 2025 Conference begins in the UAE.

· Kuwait celebrates Liberation Day, marking the day Iraq was defeated after invading the country in 1991.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Inflation Rate (January)

Thursday, February 27, 2025

Global

· The G20 Finance Ministers and Central Bank Governors meet in South Africa through February 28.

· The UN Security Council is scheduled to vote on a draft resolution on the 2713 Committee (sanctions on Al-Shabaab). Afterwards, a briefing on the United Nations peacekeeping operations: Police Commissioners is scheduled to be held in the afternoon.

Americas

Political/Social Events –

· Anguilla holds parliamentary elections.

· Ontario Canada holds snap legislative assembly elections.

· The Dominican Republic celebrates Independence Day, a national holiday.

Economic Reports/Events –

· Federal Reserve Board Governor Michelle W. Bowman will give a speech on community banking at the Fort Hays State University Robbins Banking Institute Lecture Series, Hays, Kansas.

· Cleveland Federal Reserve Bank President Beth Hammack speaks on “Financial Stability" before the Columbia University/Bank Policy Institute: 2025 Bank Regulation Research Conference.

· Philadelphia Federal Reserve Bank President Patrick Harker speaks on the economic outlook before the Lyons Economic Forecast, presented by the University of Delaware's Center for Economic Education and Entrepreneurship.

· Brazil IGP-M Inflation (February)/ Current Account (January)/ Foreign Direct Investment (January)/ Unemployment Rate (January)

· Mexico Balance of Trade (January)/ Unemployment Rate (January)

· Canada Current Account Q4/ Average Weekly Earnings (December)

· USA Durable Goods Orders (January)/ GDP Price Index Q4/ Initial Jobless Claims (February/22)/ Real Consumer Spending Q4/ Pending Home Sales (January)/ EIA Natural Gas Stocks Change (February/21)/ Kansas Fed Composite & Manufacturing Index (February)/ 15- & 30-Year Mortgage Rate (February/27)/ Kansas Fed Index (February)/ Fed Balance Sheet (February/26)

Asia

Political/Social Events –

· The ASEAN Economic Ministers' Meeting takes place in Kota Tinggi, Malaysia.

Economic Reports/Events –

· New Zealand ANZ Business Confidence (February)

· Great Britain Car Production (January)

· Australia Building Capital Expenditure Q4/ Plant Machinery Capital Expenditure Q4/ Private Capital Expenditure Q4

· Taiwan Consumer Confidence (February)

· Malaysia PPI (January)

· Philippines Budget Balance (December)

· Sri Lanka PPI (January)

Europe

Political/Social Events –

· The European Commission will visit India to advance free trade talks and hold the second meeting of the EU-India Trade and Technology Council through February 28.

Economic Reports/Events –

· The European Central Bank publishes minutes from the last rate-setting meeting.

· Turkey Imports/ Exports/ Balance of Trade Final (January)/ Economic Confidence Index (February)/ Foreign Exchange Reserves (February/21)

· Hungary Unemployment Rate (January)

· France PPI (January)/ Unemployment Benefit Claims (January)/ Jobseekers Total (January)

· Slovakia Business and Consumer Confidence (February)

· Spain Inflation Rate (February)

· Switzerland GDP Growth Rate Q4

· Euro Area Loans to Companies & Households (January)/ M3 Money Supply (January)/ Economic Sentiment (February)/ Consumer Confidence Final (February)/ Consumer Inflation Expectations (February)/ Industrial Sentiment (February)/ Selling Price Expectations (February)/ Services Sentiment (February)

· Italy Business and Consumer Confidence (February)/ Industrial Sales (December)

· Poland GDP Growth Rate Q4

· Slovenia Retail Sales (January)

· Greece Total Credit (January)

Middle East

Political/Social Events –

· Syria is expected to announce its new government.

Economic Reports/Events –

· Saudi Arabia M3 Money Supply (January)/ Private Bank Lending (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa PPI (January)

Friday, February 28, 2025

Global

· Ramadan begins in the evening and goes through March 30.

Americas

Political/Social Events –

· Yamandu Orsi takes office as President of Uruguay.

· Argentine President Javier Milei gives an annual speech before the Legislative Assembly.

· Brazil holds Rio Carnival 2025.

Economic Reports/Events –

· Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Stanford Institute of Economic Policy Research 2025 SIEPR Economic Summit.

· Brazil Gross Debt to GDP (January)/ Nominal Budget Balance (January)/ GDP Growth Rate Q4

· Canada CFIB Business Barometer (February)/ GDP Growth Rate Annualized Q4/ GDP (December)/ Budget Balance (December)

· Chile Copper Production (January)/ Industrial Production (January)/ Manufacturing Production (January)/ Retail Sales (January)/ Unemployment Rate (January)

· USA Core PCE Price Index (January)/ Personal Income & Spending (January)/ Goods Trade Balance Adv (January)/ PCE Price Index (January)/ Retail Inventories Ex Autos (January)/ Wholesale Inventories (January)/ Core PCE Price Index (January)/ Chicago PMI (February)/ Baker Hughes Total Rigs Count (February/28)

· Colombia Unemployment Rate (January)/ Cement Production (January)

· Uruguay Unemployment Rate (January)/ Balance of Trade (January)

· Argentina Tax Revenue (February)

· Peru Inflation Rate (February)

· Mexico Fiscal Balance (January)

Asia

Political/Social Events –

· Taiwan celebrates Peace Memorial Day, a national holiday.

Economic Reports/Events –

· New Zealand ANZ Roy Morgan Consumer Confidence (February)

· Japan Tokyo CPI (February)/ Retail Sales (January)/ Foreign Bond Investment (February/22)/ Industrial Production (January)/ Stock Investment by Foreigners (February/22)/ Housing Starts (January)/ Construction Orders (January)

· Australia Housing Credit (January)/ Private Sector Credit (January)/ CoreLogic Dwelling Prices (February)

· Philippines Imports/ Exports/ Balance of Trade (January)

· Singapore Bank Lending (January)/ Import Prices (January)/ Export Prices (January)/ PPI (January)

· Thailand Industrial Production (January)/ Current Account (January)/ Private Investment & Consumption (January)/ Business Confidence (February)/ Retail Sales (December)

· Malaysia M3 Money Supply (January)

· Sri Lanka Inflation Rate (February)/ Balance of Trade (January)

· India Government Budget Value (January)/ Bank Loan Growth (February/14)/ Deposit Growth (February/14)/ Foreign Exchange Reserves (February/21)/ Infrastructure Output (January)/ GDP Growth Rate Q4/ Fiscal Year GDP Growth 2nd Est 2024-25

· Pakistan Inflation Rate (February)/ Wholesale Prices (February)

Europe

Political/Social Events –

· European President Ursula von der Leyen will meet with Indian Prime Minister Narendra Modi in New Delhi.

· Andalusia celebrates Andalusia Day, celebrating when the region of Spain became autonomous.

Economic Reports/Events –

· Bank of England Deputy Governor for Markets and Banking Dave Ramsden gives the keynote speech at South Africa’s Stellenbosch University on monetary policy in a world of geopolitical fragmentation.

· Germany Retail Sales (January)/ Import Prices (January)/ Unemployed Persons (February)/ Unemployment Change (February)/ Unemployment Rate (February)/ Baden Wuerttemberg CPI (February)/ Bavaria CPI (February)/ Brandenburg CPI (February)/ Hesse CPI (February)/ North Rhine Westphalia CPI (February)/ Saxony CPI (February)/ Inflation Rate (February)

· Turkey GDP Growth Rate Q4/ Unemployment Rate (January)/ Participation Rate (January)

· Great Britain Nationwide Housing Prices (February)

· Hungary PPI (January)/ HALPIM Manufacturing PMI (February)

· Switzerland Retail Sales (January)/ KOF Leading Indicators (February)/ Economic Sentiment Index (February)

· France Inflation Rate (February)/ GDP Growth Rate Q4/ Household Consumption (January)/ Private & Non-Farm Payrolls Q4

· Spain Current Account (December)/ Business Confidence (February)

· Slovenia Inflation Rate (February)/ PPI (January)

· Greece Retail Sales (December)/ PPI (January)

· Italy Inflation Rate (February)

· Ireland Average Weekly Earnings Q4/ Current Account Q4/ GDP Growth Rate Q4/ GNP Q4/ Inflation Rate (February)/ Retail Sales (January)

· Serbia GDP Growth Rate Q4/ Industrial Production (January)/ Retail Sales (January)/ Unemployment Rate Q4

· Euro Area ECB Consumer Inflation Expectations (January)

· Russia M2 Money Supply (January)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Qatar Balance of Trade (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa M3 Money Supply (January)/ Private Sector Credit (January)/ Budget Balance (January)/ Balance of Trade (January)

· Nigeria Foreign Exchange Reserves (February)

· Zimbabwe Inflation Rate (February)

· Kenya Inflation Rate (February)

Saturday, March 1, 2025

Global

· Today is the first day of the meteorological spring.

· Denmark takes the Chair of the UN Security Council for the month of March.

· NASA’s Europa Clipper mission is due to make a fly-by of Mars en route to Jupiter’s moon Europa, where it will become the first mission to conduct a detailed scientific investigation of the moon.

Americas

Political/Social Events –

· Today is the end of the 30-day suspension of US 25% tariffs President Trump is placing on Canada and Mexico.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· South Korea celebrates Independence Movement Day, a national holiday commemorating the protests against Japanese colonial rule.

Economic Reports/Events –

· South Korea Imports/ Exports/ Balance of Trade (February)

· China NBS Non-Manufacturing, Manufacturing, & General PMI (February)

Europe

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Sunday, March 2, 2025

Global

· Nothing significant to report.

Americas

Political/Social Events –

· The 97th Academy Awards ceremony is held, where they give a bunch of awards for movies most of us have seen or heard of.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Tajikistan holds parliamentary and local elections.

· Japanese Prime Minister Ishiba faces a deadline to get his proposed budget passed by the lower house of parliament.

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