Econ Edge: The Economic Week

The pace of economic reports will slow this week with just a trickle of substantial numbers being released. But Federal Reserve Chairman Alan Greenspan will pick up the slack with three public appearances during the week.

Greenspan heads to Texas to give a major speech at convention for the nation's petrochemical and refiners. The Fed chairman will undoubtedly offer some insights into what the latest spike in gas and oil prices will mean for the nation's economic health. Gas prices have been at record levels for the past two weeks and oil is trading near nominal record levels even with world crude production at its fastest pace ever.

Greenspan is also going to head to Capitol Hill to talk to the Senate Banking Committee about government-sponsored mortgage banks Fannie Mae and Freddie Mac. Both Fannie and Freddie have faced inquiries recently over their accounting practices.

The week will also bring reports on the nation's wholesale inventories and consumer credit.

THIS WEEK'S ECONOMIC NEWS CALENDAR

Monday, April 4

  EIA Weekly Gas Price Survey (4:30 p.m. ET)

The government's Energy Information Administration says the price of a gallon of gasoline increased $0.06 last week to a new record price. Consumers will spend on average $2.22 for a gallon of regular unleaded -- 25 percent more than they paid a year ago.

The Energy Information Administration releases the best survey of retail gasoline prices. Last week we got a nominal record. With last week's fluctuating oil prices, analysts believe prices will likely go up, but at a more moderate pace.

Tuesday, April 5

  Greenspan on Energy Prices (1:50 p.m ET)

Federal Reserve Chairman Alan Greenspan told a group of energy industry executives today that high demand and a lack of new production capacity have taken the slack out of the energy markets that have kept prices in check for a generation. Greenspan's address at the San Antonio conference of the National Petrochemical and Refiners Association was wide-ranging and addressed both the economic impact of high energy prices and possible solutions to the recent price spike.

Wednesday, April 6

  Greenspan Testifies (10 a.m. ET)

Fed Chairman Alan Greenspan called on Congress to limit the amount of mortgage loans Fannie Mae and Freddie Mac can buy in the secondary market. Today, the two mortgage giants own $1.4 trillion of the nation's home loans (about 25 percent). In the past, Greenspan has said Fannie and Freddie should probably carry no more than $400 billion in mortgages a piece. Greenspan also said it is important to improve regulation of the two mortgage giants in his annual Senate testimony on Fannie and Freddie.

Thursday, April 7

  February Wholesale Inventories (10 a.m. ET)

[expected: +0.7 percent/ prior: +1.1 percent]

Another measure of manufacturing health, this report measures orders for durable and nondurable goods. Last month saw a stronger build of inventories than expected because car dealers had more cars on their lots than they did in December.

  February Consumer Credit (3 p.m. ET)

[expected: +$7.5 billion / prior: +$11.5 billion]

This report offers a good look at how much consumers are borrowing to spend. The Fed's report includes credit card debt and loans for such items as boats, cars and mobile homes. January's report showed a larger than expected bump as people went out and bought things with their credit cards.

Friday, April 8

  Greenspan on Consumer Finances (12:30 p.m. ET)

Greenspan's final public appearance of the week comes as he heads for the Capital Hilton to discuss consumer finance at the fourth annual Community Affairs Research Conference.

Some information compiled from wire services.