by Calculated Risk on 2/12/2014 08:03:00 PM

What a surprise ... Congress will pay the bills! (not a surprise to anyone paying attention). From the WSJ: Senate Approves Suspension of U.S. Debt Ceiling

The bill was sent to the White House, where President Barack Obama was expected to sign it, after the Senate voted 55-43 along party lines to approve a suspension of the federal debt limit through March 2015.

And another non-surprise ... from Reuters: U.S. budget deficit smaller than expected in January

The United States posted a smaller budget deficit than expected in January, a sign that a stronger economy is helping government coffers through a rise in tax receipts.

I think the deficit will be smaller than the CBO expects this year.

Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 330 thousand from 331 thousand.

• Also at 8:30 AM, Retail sales for January will be released. The consensus is for retail sales to decrease 0.1% in December, and to increase 0.1% ex-autos.

• At 10:00 AM, the Manufacturing and Trade: Inventories and Sales (business inventories) report for December. The consensus is for a 0.4% increase in inventories.

• Also at 10:00 AM, Testimony, Fed Chair Janet L. Yellen, Semiannual Monetary Policy Report to the Congress, Before the Senate Banking, Housing, and Urban Affairs Committee, Washington, D.C.