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The Bloomberg calendar depicted in Exhibit 1.1 may be obtained by typing ECO <GO> on the Bloomberg Professional terminal. It is the most comprehensive and trusted source for releases in all of finance, detailing the name of the release, date, time, previous value, and the current Street consensus estimate. There's also a relative importance graph identifying how the Street views each index – the larger the number of subscription alerts there are for an individual indicator, the greater the number of bars highlighted in the bar graph located in the “R” column (relative importance) to the left of the Event column. In the associated exhibit, the ISM Milwaukee index clearly is not considered to be as important as the Chicago Purchasing Managers Index.

Exhibit 1.1 The Economic Calendar

Source: Bloomberg

The Bloomberg ECO calendar may be customized to include economic releases like durable goods orders and economic events like speeches by policy makers or Federal Reserve Open Market Committee meeting announcements. The addition of all the government conferences and speeches like those from the secretaries of the Departments of Treasury or State are also available. All Treasury financing auctions are listed as well. Even the commodity reports such as crop conditions or crude oil inventory levels are available. While we are only addressing the U.S. economic indicators, the ECO calendar is available for 189 countries and regions (e.g., Eurozone, G8, G20).

Traders, analysts, and economists always want to know what the market is thinking, so when an economic release hits the tape, they know whether the report is stronger, weaker, or in line with Street expectations.

With respect to the calendar on economic releases, right-clicking on any of the indexes will reveal the detail of all those economists polled and their respective forecast history for that specific indicator (ECOS). The most popular economic releases possess upwards of 100 individual forecasts.