Schedule for Week of July 24, 2022

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, Dallas and Kansas City Fed manufacturing surveys will be released.

The FOMC meets this week and is expected to raise rates 75 bp.

----- Monday, July 25th -----
8:30 AM ET: Chicago Fed National Activity Index for June. This is a composite index of other data.

10:30 AM: Dallas Fed Survey of Manufacturing Activity for July.

----- Tuesday, July 26th -----
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 21.0% year-over-year increase 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: 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 666 thousand SAAR, down from 696 thousand in May.

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

----- Wednesday, July 27th -----
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

8:30 AM: Durable Goods Orders for June from the Census Bureau. The consensus is for a 0.5% decrease in durable goods orders.

10:00 AM: Pending Home Sales Index for June. The consensus is for a 3.7% decrease in the index.

2:00 PM: FOMC Meeting Announcement. The FOMC is expected to raise rates 75 bps, increasing the target range for the federal funds rate to 2‑1/4 to 2-1/2 percent.

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

----- Thursday, July 28th -----
8:30 AM: The initial weekly unemployment claims report will be released.  The consensus is for 248 thousand down from 251 thousand last week.

8:30 AM: Gross Domestic Product, 2nd quarter (advance estimate), and annual update. The consensus is that real GDP increased 0.4% annualized in Q2, up from -1.6% in Q1.

11:00 AM: Kansas City Fed Survey of Manufacturing Activity for July. This is the last of the regional surveys for July.

----- Friday, July 29th -----
8:30 AM ET: Personal Income and Outlays, June 2022. The consensus is for a 0.5% increase in personal income, and for a 0.9% increase in personal spending. And for the Core PCE price index to increase 0.5%.  PCE prices are expected to be up 6.6% YoY, and core PCE prices up 4.7% YoY.

9:45 AM: Chicago Purchasing Managers Index for July.

10:00 AM: University of Michigan's Consumer sentiment index (Final for July). The consensus is for a reading of 51.1.