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Saturday, March 15, 2014

Schedule for Week of March 16th

by Calculated Risk on 3/15/2014 01:11:00 PM

The key reports this week are February housing starts on Tuesday, and February existing home sales on Thursday.

For manufacturing, the February Industrial Production and Capacity Utilization report, and the March NY Fed (Empire State) and Philly Fed surveys, will be released this week. 

For prices, CPI will be released on Tuesday.

The FOMC meets on Tuesday and Wednesday, and the FOMC is expected to taper QE3 asset purchases another $10 billion per month at this meeting.

----- Monday, March 17th -----

8:30 AM ET: NY Fed Empire Manufacturing Survey for March. The consensus is for a reading of 6.5, up from 4.5 in February (above zero is expansion).

Industrial Production9:15 AM: The Fed will release Industrial Production and Capacity Utilization for February.

This graph shows industrial production since 1967.

The consensus is for a 0.3% increase in Industrial Production, and for Capacity Utilization to increase to 78.6%.

10:00 AM: The March NAHB homebuilder survey. The consensus is for a reading of 50, up from 46 in February.  Any number above 50 indicates that more builders view sales conditions as good than poor.

----- Tuesday, March 18th -----

8:30 AM: Consumer Price Index for February. The consensus is for a 0.1% increase in CPI in January and for core CPI to increase 0.1%.

Total Housing Starts and Single Family Housing Starts8:30 AM: Housing Starts for February.

Total housing starts were at 880 thousand (SAAR) in January. Single family starts were at 573 thousand SAAR in January.

The consensus is for total housing starts to increase to 915 thousand (SAAR) in February.

----- Wednesday, March 19th -----

7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

During the day: The AIA's Architecture Billings Index for February (a leading indicator for commercial real estate).

2:00 PM: FOMC Meeting Announcement.  The FOMC is expected to reduce monthly QE3 asset purchases from $65 billion per month to $55 billion per month at this meeting.

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.

----- Thursday, March 20th -----

8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to increase to 325 thousand from 315 thousand.

10:00 AM: the Philly Fed manufacturing survey for March. The consensus is for a reading of 4.0, up from -6.3 last month (above zero indicates expansion).

Existing Home Sales10:00 AM: Existing Home Sales for February from the National Association of Realtors (NAR).

The consensus is for sales of 4.64 million on seasonally adjusted annual rate (SAAR) basis. Sales in January were at a 4.62 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 4.60 million SAAR.

As always, a key will be inventory of homes for sale.
----- Friday, March 21st -----

No economic releases scheduled.