What to watch, courtesy of Yahoo! Finance's Elizabeth Trotta
Good morning,
Futures are little changed as Congress is preparing to vote on a $143 billion package to extend payroll tax cuts for 160 million workers and jobless benefits for those out of work the longest and forestall cuts in Medicare reimbursements to doctors through 2012. If the bill passes, jobless benefits in states with the highest unemployment will gradually fall to 73 a week from 99 weeks by September, while other states will see the benefit cut off at 63 weeks.
As the election nears, CNNMoney offers a breakdown of how the candidates tax plans stack up. (Republican plans generally would result in lower revenue offset by steeper spending cuts, while President Obama is mulling raising taxes.)
Of course, markets are still focusing on Greece. France stood up for the troubled nation Friday as tensions with Germany bubbled. The French Prime Minister said European nations should make every effort to help Greece avoid a default despite concerns about it's reliability as a borrower.
In the U.S., inflation data and the index of leading indicators are expected this morning. Next week brings a closer look at housing with existing home sales, new home sales and the FHFA Housing Price Index, in addition to the weekly mortgage rates and MBA mortgage index. (see below for a complete list)
In other headlines, mailing letters may get more expensive yet. The postal service, citing losses (as much as $18B a year by 2015), is looking to increase postage stamp prices by 5 cents, eliminate Saturday delivery, and slow first-class mail by one day.
In corporate news, Ally Financial is reportedly considering a sale, as the possibilities for an IPO dim. Meanwhile, Yelp expects its IPO to price between $12 and $14 a share, possibly raising up to $100 million.
Economic Data:
8:30 CPI
10 Leading Indicators
Next week:
Wednesday: MBA Mortgage Index, Existing Home Sales
Thursday: Jobless Claims, FHFA Housing Price Index, Crude Oil Inventories
Friday: University of Michigan Consumer Sentiment, New Home Sales
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