RSS Feed by Calculated Risk on 6/13/2015 08:11:00 AM
Saturday, June 13, 2015
Schedule for Week of June 14, 2015
The key economic report this week is May Housing Starts on Tuesday.
For manufacturing, the May Industrial Production and Capacity Utilization report, and the June NY Fed (Empire State) and Philly surveys will be released this week.
For prices, May CPI will be released on Thursday.
The FOMC meets on Tuesday and Wednesday this week.
8:30 AM: NY Fed Empire State Manufacturing Survey for June. The consensus is for a reading of 5.9, up from 3.1 last month (above zero is expansion).
Friday, June 12, 2015
Goldman Sachs: FOMC Preview
by Calculated Risk on 6/12/2015 10:22:00 PM
A few excerpts from a note by Goldman Sachs economist Kris Dawsey: June FOMC Preview: On Track
Lawler: Preliminary Table of Distressed Sales and Cash buyers for Selected Cities in May
by Calculated Risk on 6/12/2015 05:15:00 PM
Economist Tom Lawler sent me a preliminary table below of short sales, foreclosures and cash buyers for a few selected cities in May.
On distressed: Total "distressed" share is down in most of these markets mostly due to a decline in short sales (Mid-Atlantic is up year-over-year because of an increase in foreclosures in Baltimore).
Lawler: Early Read on Existing Homes Sales in May: Big Bounce from “Strangely-Low” April
by Calculated Risk on 6/12/2015 02:33:00 PM
From housing economist Tom Lawler:
Based on local realtor/MLS reports from across the country released thru today, I estimate that existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.29 million in May, up 5.0% from April’s “strangely low” (and probably too low; see yesterday’s report) pace, and up 8.0% from last May’s seasonally adjusted pace.
FOMC Preview: No Rate Hike
by Calculated Risk on 6/12/2015 12:04:00 PM
First a preview from Nomura economists:
The monetary policy statement released at the conclusion of the 16-17 June FOMC meeting should not have substantive changes. We expect the Committee to upgrade its assessment of economic activity, which it described as having slowed in the April statement. The FOMC will also release its summary of economic projections. We expect the Committee to lower its growth forecasts for 2015 given weak growth in Q1. There are some risks for the FOMC’s expectations for the target federal funds rate to be lowered for 2015, but we do not expect major changes for the long-run federal funds rate forecasts. We expect Chair Yellen in her post-meeting press conference to continue to stress the data-dependent nature of future policy moves and that the pace of tightening will likely be gradual once normalization begins.
