Two housing reports lead the week: Existing home sales on Wednesday and new home sales on Friday, each at 10 a.m. New York time
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 am. and petroleum inventories at 10:30 a.m.
Thursday: Jobless claims at 8:30 a.m. and the M2 money supply at 4:30 p.m.
Friday: The Purchasing Managers Institute composite index 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).
Fed Gov. Jerome Powell testifies on Thursday at 10 a.m. before the Senate Committee on Banking, Housing and Urban Affairs. The committee is looking at how regulators view the fostering of economic growth.
Powell addresses the Chicago Federal Reserve Bank symposium on central clearing on Friday at 2:15 p.m.
Other Federal Open Market Committee members making appearances during the week are Chicago Fed Pres. Charles Evans on Monday, New York Fed Pres. William Dudley on Monday and Sunday, Fed Gov. Stanley Fischer and Dallas Fed Pres. Robert Kaplan on Tuesday.
Cleveland Fed Pres. Loretta Mester, an FOMC alternate, speaks on Friday.
One other of the Fed glitterati, not holding an FOMC position this year, takes to the podium: St. Louis Fed Pres. James Bullard on Friday.
By Tim Bovee, Portland, Oregon, June 17, 2017
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.
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