Friday, August 14, 2015

The Week Ahead: Prices, housing starts, & more

This is potpourri week: Several major reports; no overarching theme.

The consumer price index will lead the economic reporting headlines next week. It will be released on Wednesday at 8:30 a.m. New York time.

Housing starts, out Tuesday at 8:30 a.m., will come in a close second in significance.

Other majors: Federal Open Market Committee minutes from the July 29 meeting on Monday at 2 p.m., and existing home sales  and the Philadelphia Federal Reserve business outlook survey, both on Thursday 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 jobless claims, at 8:30 a.m. Thursday. 

Building permits for new private homes from the housing starts report, at 8:30 a.m. Tuesday.

Events arranged by day:

Monday: The Empire State manufacturing survey of conditions in New York at 8:30 a.m., the Home Builders' housing market index at 10 a.m. and the Treasury Department international capital report at 4 p.m.

Tuesday: Housing starts at 8:30 a.m.

Wednesday: Consumer price index at 8:30 a.m., petroleum inventories at 10:30 a.m. and the FOMC minutes at 2 p.m.

Thursday: Jobless claims, the Philadelphia Federal Reserve Bank business outlook survey, existing home sales at 10 a.m. and the M2 money supply at 4:30 p.m.

Friday: The PMI manufacturing 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 based on U.S. Treasury yields, which presently stands at 1.33%.

Treasury Debt

Bills
  • 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.
  • 52-week: Auction Tuesday 11:30 a.m.
Notes
  • 2-year: Announcement Thursday 11 a.m.
  • 3-year: Settlement Monday.
  • 5-year: Announcement Thursday 11 a.m.
  • 7-year: Announcement Thursday 11 a.m.
Bonds
  • 30-year: Settlement Monday.
TIPS

  • 5-year: Auction Thursday 1 p.m.

Fedsters

San Francisco Fed Pres. John Williams is the lone member of the Federal Reserve glitterati to speak during the week. A member of the Federal Open Market Committee, Lockhart makes an appearance in Jakarta, Indonesia.

Analytical universe

This week I shall be analyzing new bull and bear signals among 500 large-cap stocks and exchange-traded funds.

Good trading.



-- Tim Bovee, Fukuoka, Japan, Aug. 14, 2015

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