The key economic report this week is November housing starts on Tuesday.
For manufacturing, the November Industrial Production and Capacity Utilization report, and the December NY Fed (Empire State), Philly Fed, and Kansas City Fed surveys, will be released this week.
For prices, CPI will be released on Wednesday.
The FOMC meets on Tuesday and Wednesday.
8:30 AM: NY Fed Empire Manufacturing Survey for December. The consensus is for a reading of 12.0, up from 10.2 in November (above zero is expansion).
9:15 AM: The Fed will release Industrial Production and Capacity Utilization for November.
This graph shows industrial production since 1967.
The consensus is for a 0.7% increase in Industrial Production, and for Capacity Utilization to increase to 79.4%.
10:00 AM: The December NAHB homebuilder survey. The consensus is for a reading of 59, up from 58 in November. Any number above 50 indicates that more builders view sales conditions as good than poor.
8:30 AM: Housing Starts for November.
Total housing starts were at 1.009 million (SAAR) in October. Single family starts were at 696 thousand SAAR in October.
The consensus is for total housing starts to increase to 1.038 million (SAAR) in November.
7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
8:30 AM: Consumer Price Index for November. The consensus is for a 0.1% decrease in CPI in October, and for core CPI to increase 0.1%.
During the day: The AIA’s Architecture Billings Index for November (a leading indicator for commercial real estate).
2:00 PM: FOMC Meeting Announcement. The FOMC is expected to make no change to policy, however the phrase “considerable period” will probably be changed in the statement.
2:00 PM: FOMC Forecasts This will include the Federal Open Market Committee (FOMC) participants’ projections of the appropriate target federal funds rate along with the quarterly economic projections.
2:30 PM: Fed Chair Janet Yellen holds a press briefing following the FOMC announcement.
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to increase to 295 thousand from 294 thousand.
10:00 AM: the Philly Fed manufacturing survey for December. The consensus is for a reading of 25.0, down from 40.8 last month (above zero indicates expansion).
10:00 AM: Regional and State Employment and Unemployment (Monthly) for November 2014
11:00 AM: the Kansas City Fed manufacturing survey for December.