The release comes a day after the Federal Open Market Committee holds a two-day meeting on when to raise interest rates. The meeting statement will be out on Wednesday at 2 p.m.
One other major economic report has potential influence over the markets: Durable goods orders, published Monday at 8:30 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 jobless claims, at 8:30 a.m. Thursday.
The index of consumer expectations from the Reuters/University of Michigan consumer sentiment report, at 10 a.m. Friday.
Items of interest, arranged by day:
Monday: Durable goods orders at 8:30 a.m. and the Dallas Federal Reserve manufacturing survey at 10:30 a.m.
Tuesday: The S&P Case-Shiller home price index in 20 metropolitan areas at 9 a.m. and the Conference Board consumer confidence report at 10 a.m.
Wednesday: Pending home sales at 10 a.m., petroleum inventories at 10:30 a.m. and the FOMC statement at 2 p.m.
Thursday: The GDP and jobless claims at 8:30 a.m. and the M2 money supply at 4:30 p.m.
Friday: The employment cost index at 8:30 a.m., Chicago purchasing managers index at 9:45 a.m. and consumer sentiment at 10 a.m.
I also keep an eye on the Baltic Dry Index, updated daily, and the 5-year implied inflation rate based on U.S. Treasury yields, which presently stands at 1.46%.
- 4-week: Announcement Monday 11 a.m., auction Tuesday 11:30 a.m., settlement Thursday.
- 3-month: Auction Monday 11:30 a.m., announcement Thursday 11 a.m.
- 6-month: Auction Monday 11:30 a.m., announcement Thursday 11 a.m.
- 2-year: Auction Tuesday 1 p.m., settlement Friday.
- 2-year floating rate: Auction Wednesday 1 p.m.
- 5-year: Auction Wednesday 1 p.m., settlement Friday.
- 7-year: Auction Thursday 1 p.m.
- 10-year: ,Settlement Friday.
Aside from the Federal Open Market Committee statement on Wednesday, there is nothing from the Fed glitterati but the sound of silence.
This week I shall be analyzing new bull and bear signals among 500 large-cap stocks and exchange-traded funds.
-- Tim Bovee, Portland, Oregon, July 26, 2015
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