Monday, February 17, 2014

Tuesday: NY Fed Mfg Survey, Homebuilder Survey, Q4 Household Debt and Credit

by Calculated Risk on 2/17/2014 09:08:00 PM

First, Don Lee of the LA Times interviewed San Francisco Fed President John Williams: Fed district chief expects central bank's stimulus cuts to continue

Would another jobs report next month like January's payroll growth of 113,000 be enough for you or the committee to put a hold on the so-called tapering of the Fed's bond-buying stimulus?

If there was another employment report similar to what we saw in January, I personally would not see that as being inconsistent with my view of the economic recovery. I wouldn't call for a change in tapering.
The Fed may not be on a "preset course" to taper QE3, but it sounds like it would take a significant change in the data for the Fed to slow down.  There is much more in the interview.

Tuesday:
• At 8:30 AM ET, the NY Fed Empire Manufacturing Survey for February. The consensus is for a reading of 9.8, down from 12.5 in January (above zero is expansion).

• At 10:00 AM, the February NAHB homebuilder survey. The consensus is for a reading of 56, unchanged from January. Any number above 50 indicates that more builders view sales conditions as good than poor.

• At 11:00 AM, the Q4 2013 Quarterly Report on Household Debt and Credit will be released by the Federal Reserve Bank of New York.