The key reports this week are May Housing Starts and Existing Home Sales.
Fed Chair Powell provides the Semiannual Monetary Policy Report to Congress on Wednesday and Thursday.
10:00 AM: The June NAHB homebuilder survey. The consensus is for a reading of 51, up from 50 last month. Any number above 50 indicates that more builders view sales conditions as good than poor.
This graph shows single and total housing starts since 1968.
The consensus is for 1.405 million SAAR, up from 1.401 million SAAR in April.
—– Wednesday, June 21st —–
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the U.S. House Financial Services Committee
During the day: The AIA’s Architecture Billings Index for May (a leading indicator for commercial real estate).
—– Thursday, June 22nd —–
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 266 thousand initial claims, up from 262 thousand last week.
8:30 AM ET: Chicago Fed National Activity Index for May. This is a composite index of other data.
The graph shows existing home sales from 1994 through the report last month.
Housing economist Tom Lawler expects the NAR to report sales of 4.25 million SAAR for May.
10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
11:00 AM: the Kansas City Fed manufacturing survey for June.
—– Friday, June 23rd —–
No major economic releases scheduled.