Inside the mind of Ben in the latest Fed Minutes, Paul Ryan showing off his $4 trillion budget ax, and fallout from the Boeing 737 cracks. As we suggested in Monday's post, the appearance of fuselage cracks would have an impact. Here's what we're watching…
1. Market Momentum: Just after the closing bell Monday, chip maker Texas Instruments announced that it would buy National Semiconductor in a $6.5 billion all-cash deal. The news sent shares in National Semi soaring after hours, while also adding spice to an otherwise bland market day. The broad indices were largely flat Monday, with the Dow recording a 23 point gain, and the S&P nearly unchanged. The 10:00am ISM non-manufacturing index is poised to be a key impetus Tuesday.
2. Forecasting the Fed: Central banker Ben Bernanke is in Georgia Monday night for an evening keynote at the Federal Reserve Bank of Atlanta's 2011 Conference. With a strong March jobs report in the books, an increasingly rosy economic outlook and the specter of inflation on the horizon, the big question is when the Fed will begin to tighten policy. Markets may get some clue Tuesday with the 2:00pm ET release of the minutes from the last FOMC meeting.
3. A Plane Old Mess: The FAA is set to order emergency fuselage checks Tuesday of all Boeing 737-300 planes currently in service domestically. Safety issues surrounding the old version of Boeing's best-selling jet came into focus following the near disaster on a Southwest flight last week. The low cost air carrier has the largest in-service inventory of the model in question, due to its 737-only fleet. Boeing shares were trading lower in the after hours session, while Southwest trading down significantly all-day Monday.
4. The $4 Trillion Man: On Tuesday, House Budget Committee Chairman Paul Ryan will unveil a House Republican proposal which will spell out $4 trillion in cuts over the next 10 years and a total overhaul of the tax code. This comes as the latest salvo in a multi-front war on federal spending that's become far more complicated than bipartisan bickering, as the tea party flexes its muscles. Chairman Ryan will be right here on CNBC at 7:00am ET to make the case first on Squawk Box.
5. Collecting Your Data (There's an App for That): According to an SEC filing made by streaming music company Pandora, a federal grand jury has opened a broad investigation into mobile apps and the type of personal data they're gathering and dissemtinating from users. While it's unclear what will come of the inquiry and who will be in need of a chair when the music stops, the mere presence of a grand jury denotes a criminal investigation. Further developments will be significant not just to the entire app ecosystem, but also to millions of app addicts like myself.