The Federal Open Market Committee culminates a two-day meeting on Wednesday with an announcement and forecasts at 2 p.m. New York time, and a news conference with Fed Chair Janet Yellen at 2:30 p.m.
The FOMC raised the Fed Funds Rate to 1.25% on June 14. Widely held expectations are for one more rate increase this year, and Wednesday’s meeting would be a prime candidate for the decision.
Two major housing reports will be issued: Housing starts, on Tuesday at 8:30 a.m. and existing home sales on Wednesday at 10 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.
Building permits for new private homes from housing starts, at 8:30 a.m. Tuesday.
Events arranged by day:
Monday: Home Builders’ housing market index at 10 .m. and the Treasury Dept. international capital report at 4 p.m.
Tuesday: Housing starts and import and export prices, each at 8:30 a.m.
Wednesday: Existing home sales at 10 a.m., petroleum inventories at 10:30 a.m., the FOMC meeting announcement and forecasts at 2 p.m. and Fed Chair Janet Yellen’s news conference at 2:30 p.m.
Thursday: Jobless claims and the Philadelphia Federal Reserve Bank business outlook survey, each at 8:30 a.m., and the M2 money supply at 4:30 p.m.
Friday: The Purchasing Managers Institute composite flash alert 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).
One member of the Federal Open Market Committee makes a public appearance, after the FOMC meeting concludes: Robert Kaplan on Friday.
Also on Friday, San Francisco Fed Pres. John Williams, an FOMC alternate, and Kansas City Fed Pres. Esther George, who doesn’t have a position with the FOMC this year, also make public appearances.
By Tim Bovee, Portland, Oregon, Sept. 16, 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.
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