by Bill McBride on 7/30/2015 08:46:00 PM
Thursday, July 30, 2015
From Tim Duy: Fed Watch: GDP Report
The second quarter GDP report, while not a blockbuster by any measure, will nudge the Fed further in the direction of a September rate hike. At first blush this might seem preposterous - 2.3% growth is nothing to write home about in comparison to history. But history is deceiving in this case. It remains important to keep in mind that 2% is the new 4%.Friday:
Bottom Line: An unspectacular recovery, but sufficient to keep the Fed on track for raising rates this year. The case for September further strengthens.
• At 8:30 AM ET, the Q2 Employment Cost Index
• At 9:45 AM, the Chicago Purchasing Managers Index for July. The consensus is for a reading of 50.0, up from 49.4 in May.
• At 10:00 AM, the University of Michigan's Consumer sentiment index (final for July). The consensus is for a reading of 94.1, up from the preliminary reading of 93.3.
Posted by Bill McBride on 7/30/2015 08:46:00 PM