The key reports scheduled for this week are the advance estimate of Q4 GDP and December New Home sales. Other key indicators include December Personal Income and Outlays and November Case-Shiller house prices.
For manufacturing, the Richmond and Kansas City Fed manufacturing surveys will be released.
The FOMC meets this week, and they are expected to once again accelerate the taper of asset purchases.
8:30 AM ET: Chicago Fed National Activity Index for December. This is a composite index of other data.
9:00 AM: FHFA House Price Index for November. This was originally a GSE only repeat sales, however there is also an expanded index.
This graph shows the Year over year change in the nominal 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 18.0% year-over-year increase in the Comp 20 index.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for January.
10:00 AM: State Employment and Unemployment (Monthly) for December 2021
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
This graph shows New Home Sales since 1963.
The dashed line is the sales rate for last month.
The consensus is for 760 thousand SAAR, up from 744 thousand in November.
2:00 PM: FOMC Meeting Statement. The FOMC is expected to accelerate the taper of asset purchases.
2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.
8:30 AM: Gross Domestic Product, 4th quarter 2021 (Advance estimate). The consensus is that real GDP increased 5.4% annualized in Q4.
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for a decrease to 260 thousand from 286 thousand last week.
8:30 AM: Durable Goods Orders for December. The consensus is for a 0.5% decrease in durable goods.
10:00 AM: Pending Home Sales Index for December. The consensus is for a 0.3% increase in the index.
11:00 AM: the Kansas City Fed manufacturing survey for January. This is the last of regional manufacturing surveys for January.
8:30 AM ET: Personal Income and Outlays for December. The consensus is for a 0.5% increase in personal income, and for a 0.5% decrease in personal spending. And for the Core PCE price index to increase 0.5%.
10:00 AM: University of Michigan’s Consumer sentiment index (Final for January). The consensus is for a reading of 68.6.