The Week Ahead: Durables, houses

 

Big ticket purchases and the housing sales will punctuate the trading week

Durable goods orders covers purchases with a useful life of three years or more. The statistics will be published on Friday at 8:30 a.m. New York time.

The housing sales data comes in two installments: Existing homes sales, the greater part of the market, on Wednesday and new home sales on Thursday, each at 10 a.m.

Also out during the week, the Purchasing Managers Institute composite flash report on Friday at 9:45 a.m.

Leading indicators (in descending order of importance):

The interest rate spread between 10-year Treasuries and the federal funds rate, reported continually during market hours.

The M2 money supply, at 4:30 p.m. Thursday.

The S&P 500 index, reported continually during market hours.

Average weekly initial claims for unemployment from the jobless claims report at 8:30 a.m. Thursday.

Events arranged by day:

Wednesday:  Existing home sales at 10 a.m. and petroleum inventories at 10:30 a.m.

Thursday: Jobless claims at 8:30 a.m., new home sales at 10 a.m. and the M2 money supply at 4:30 p.m.

Friday: Durable goods orders at 8:30 a.m. and the PMI composite flash report at 9:45 a.m.

I also keep an eye on the Baltic Dry Index, updated daily, and the 5-year implied inflation rate which is the difference between the yields on 5-year U.S. Treasury notes and  5-year Treasury inflation protected securities (TIPS).

Fedsters

Federal Reserve Chair Janet Yellen gives opening remarks on Thursday at 8:45 a.m., at the Federal Reserve System Community Development Research Conference in Washington.

Others of the Fed glitterati are out in full force during the week.

Chicago Fed Pres. Charles Evans, a member of the Federal Open Market Committee, gets credit for  the most speeches, with two appearances on Monday and another on Friday.

Other FOMC members taking to the podium are Minneapolis Fed Pres. Neel Kashkari  and Dallas Fed Pres. Robert Kaplan on Thursday.

Two FOMC alternates make appearances: Cleveland Fed Pres. Loretta Mester on Tuesday and San Francisco Fed Pres. John Williams on Friday.

Three without seats on the FOMC this year will speak: Kansas City Fed Pres. Esther George and Boston Fed Pres. Eric Rosengren on Tuesday and St. Louis Fed Pres. James Bullard on Friday.

By Tim Bovee, Portland, Oregon, March 17, 2017

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