Schedule for Week of May 25th

The key reports this week are the 2nd estimate of Q1 GDP on Thursday, April Personal Income and Outlays on Friday, and March Case-Shiller house prices on Tuesday.

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

The FDIC Q1 Quarterly Banking Report is expected to be released during the week.

----- Monday, May 26th -----
All US markets will be closed in observance of Memorial Day.

----- Tuesday, May 27th -----
8:30 AM: Durable Goods Orders for April from the Census Bureau. The consensus is for a 0.8% decrease in durable goods orders.

9:00 AM: FHFA House Price Index for March. This was original a GSE only repeat sales, however there is also an expanded index. The consensus is for a 0.5% increase.

9:00 AM: S&P/Case-Shiller House Price Index for March. Although this is the March report, it is really a 3 month average of January, February and March.

This graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indexes through February 2014 (the Composite 20 was started in January 2000).

The consensus is for a 11.9% year-over-year increase in the Composite 20 index (NSA) for March. The Zillow forecast is for the Composite 20 to increase 11.9% year-over-year, and for prices to increase 0.8% month-to-month seasonally adjusted.

10:00 AM: Conference Board's consumer confidence index for May. The consensus is for the index to increase to 83.0 from 82.3.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for May.  The consensus is for a reading of 9, up from 7 in April.

10:30 AM: Dallas Fed Manufacturing Survey for May. This is the last of the regional Fed manufacturing surveys for May.

----- Wednesday, May 28th -----
7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

----- Thursday, May 29th -----
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 317 thousand from 326 thousand.

8:30 AM: Q1 GDP (second estimate). This is the second estimate of Q1 GDP from the BEA. The consensus is that real GDP decreased 0.6% annualized in Q1, revised down from the advance estimate of a 0.1% increase.

10:00 AM ET: Pending Home Sales Index for April. The consensus is for a 1% increase in the index.

----- Friday, May 30th -----
8:30 AM: Personal Income and Outlays for April. The consensus is for a 0.3% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.2%.

9:45 AM: Chicago Purchasing Managers Index for May. The consensus is for a decrease to 61.0, down from 63.0 in April.

9:55 AM: Reuter's/University of Michigan's Consumer sentiment index (final for May). The consensus is for a reading of 82.5, up from the preliminary reading of 81.8, but down from the April reading of 84.1.