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Schedule for Week of July 23, 2023


The key report this week is the advance estimate of Q2 GDP.

Other key reports include June New Home Sales, Personal Income and Outlays for June, and Case-Shiller house prices for May.

For manufacturing, the July Richmond and Kansas City Fed manufacturing surveys will be released.

The FOMC meets this week and is expected to raise rates 25 bp.

—– Monday, July 24th —–

8:30 AM ET: Chicago Fed National Activity Index for June. This is a composite index of other data.

—– Tuesday, July 25th —–

9:00 AM: S&P/Case-Shiller House Price Index for May.

This graph shows the year-over-year change in the seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the most recent report (the Composite 20 was started in January 2000).

The consensus is for a 1.9% year-over-year decrease in the Comp 20 index for May.

9:00 AM: FHFA House Price Index for May. This was originally a GSE only repeat sales, however there is also an expanded index.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for July.

—– Wednesday, July 26th —–

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

10:00 AM: New Home Sales for June from the Census Bureau.

This graph shows New Home Sales since 1963. The dashed line is the sales rate for last month.

The consensus is for 722 thousand SAAR, down from 763 thousand in May.

2:00 PM: FOMC Meeting Announcement. The FOMC is expected to raise rates 25 bps, increasing the target range for the federal funds rate to 5‑1/4 to 5-1/2 percent.

2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.

—– Thursday, July 27th —–

8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 240 thousand initial claims, up from 228 thousand last week.

8:30 AM: Gross Domestic Product, 2nd quarter (advance estimate), and annual update. The consensus is that real GDP increased 1.8% annualized in Q2, down from 2.0% in Q1.

8:30 AM: Durable Goods Orders for June from the Census Bureau. The consensus is for a 1.0% increase in durable goods orders.

10:00 AM: Pending Home Sales Index for June. The consensus is for a 0.1% increase in the index.

11:00 AM: Kansas City Fed Survey of Manufacturing Activity for July.

—– Friday, July 28th —–

8:30 AM ET: Personal Income and Outlays, June 2022. The consensus is for a 0.4% increase in personal income, and for a 0.4% increase in personal spending. And for the Core PCE price index to increase 0.2%.  PCE prices are expected to be up 3.1% YoY, and core PCE prices up 4.2% YoY.

10:00 AM: University of Michigan’s Consumer sentiment index (Final for July). The consensus is for a reading of 72.6.

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