Schedule for Week of July 24, 2016

The key reports this week are the first estimate of Q2 GDP, June New Home sales, and the Case-Shiller House Price Index for May.

The FOMC is meeting on Tuesday and Wednesday, and no change in policy is expected this week.

For manufacturing, the July Dallas, Richmond and Kansas City manufacturing surveys will be released this week.

----- Monday, July 25th -----
10:30 AM ET: Dallas Fed Survey of Manufacturing Activity for July.

----- Tuesday, July 26th -----
9:00 AM: S&P/Case-Shiller House Price Index for May. Although this is the May report, it is really a 3 month average of March, April and May prices.

This graph shows the nominal seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the April 2016 report (the Composite 20 was started in January 2000).

The consensus is for a 5.6% year-over-year increase in the Comp 20 index for May. The Zillow forecast is for the National Index to increase 5.0% year-over-year in May.

10:00 AM ET: New Home Sales for June from the Census Bureau.

This graph shows New Home Sales since 1963. The dashed line is the May sales rate.

The consensus is for an increase in sales to 562 thousand Seasonally Adjusted Annual Rate (SAAR) in June from 551 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 May from the Census Bureau. The consensus is for a 1.3% decrease in durable goods orders.

10:00 AM: Pending Home Sales Index for June. The consensus is for a 1.3% increase in the index.

2:00 PM: FOMC Meeting Announcement. No change in policy is expected at this meeting.

----- Thursday, July 28th -----
8:30 AM ET: The initial weekly unemployment claims report will be released.  The consensus is for 264 thousand initial claims, up from 253 thousand the previous week.

10:00 AM: the Q2 Housing Vacancies and Homeownership from the Census Bureau.

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

----- Friday, July 29th -----
8:30 AM ET: Gross Domestic Product, 2nd quarter 2016 (Advance estimate). The consensus is that real GDP increased 2.6% annualized in Q2. The annual revision will also be released.

9:45 AM: Chicago Purchasing Managers Index for July. The consensus is for a reading of 54.0, down from 56.8 in June.

10:00 AM: University of Michigan's Consumer sentiment index (final for July). The consensus is for a reading of 90.6, up from the preliminary reading 89.5, and down from 93.5 in June.