Today's Economic Data Highlights
Data on existing home sales and manufacturing conditions in Texas plus four members of the FOMC from all ends of the policy spectrum…
8:30: Federal Reserve Chairman Ben Bernanke speaks at an FDIC-sponsored conference on “Mortgages and the Future of Housing Finance”….in Arlington, VA. His remarks are introductory in nature, with no Q&A session, so unlikely to contain significant new information about the Fed’s take on the economy or its policy intentions.
10:00: Existing home sales for Sep…still recovering from that big, post-tax-credit payback? Anecdotal evidence, coupled with lower rates, suggest a modest additional gain in sales of existing homes.
GS: +6%; median forecast (of 64): +7.6%, ranging from -3.2% to +16.2%; last +4.1%.
10:30: Dallas Fed manufacturing index for Oct…will it recover? This index spent the third quarter deep in the doldrums, averaging -17.4. The details were not nearly as bad, however, as the production index was slightly above zero during that time and the index of new orders recovered in September to -3.0 from three months in the -8 to -10 range. The six economists with forecasts expect modest improvement.
Median forecast (of 6): -8.5, ranging from -17.5 to +2.3; last -17.7.
13:30: St. Louis Federal Reserve President James Bullard opens a conference…at the St. Louis Fed on “The Financial Stability Oversight Council: Can Systemic Risk Be Contained.” Like Chairman Bernanke, he’ll speak from a prepared text but not take question. Mr. Bullard is currently a voting member of the FOMC.
16:30: New York Fed President William Dudley speaks on the national and regional economy…at Cornell University. He’s already laid out his views and is unlikely this close to the meeting to be breaking new ground.
20:00: Kansas City Federal Reserve President Thomas Hoenig speaks on “The Economic Outlook and Challenges Facing Monetary Policymakers,”….at the University of Kansas. Mr. Hoenig’s views are likewise well known. He is currently a voting member of the FOMC.
From Goldman Sachs