February is a short month, and it’s not quite over, but already it’s been a wild ride.We saw chaos erupt in virtually every Mideast country, the return of stock market volatility, an oil spike, and several other things to get the pulse racing.
But February was just the trailer. The big show is in March.
A note from Brown Brothers Harriman’s Head Of Global Strategy Marc Chandler, titled “March Madness,” lays out the craziness ahead.
In the emerging world we start with a big Brazilian Central Bank meeting on March 2. There’s the possibility for some major tightening that day. That’s followed a week later by the South Korean bank, which skipped a hike in February. They probably won’t do that this month.
Then in Europe, all of the big structural issues will come to a fore. There’s a ton of debt issuance starting next week. There’s an ECB meeting March 3, and a BoE meeting March 10th. And then of course, there’s the huge heads-of-state summit on the 24th and 25th. And then before that there are these three meetings
March 11 Euro area summit on competitiveness
March 14 Finance Ministers meeting
March 21 (Possible) Finance Ministers meeting
The nature of the European Financial Stability Fund is at stake.
And of course in the US, we have the jobs report on March 4 (which has been a major disappointment for several months running now). That’s also the day the government is due to shut down if there’s no budget agreement met. On 15 there’s the Fed meeting, and then finally as the budget issue gets resolved, there will be the epic fight over the debt ceiling, that’s going to make the budget stuff look like child’s play.
Add in the likelihood that the Mideast stuff will continue to spiral, and you’ve got the makings of what’s going to be an epic. We’ll, of course, be covering LIVE.