Lots of data with Empire Index, Capital Flows and the Housing market index on deck, but the biggest news everyone will be waiting for is the predicted debt ceiling breach, which should be formalized at 4:00 pm today.
8:30: Empire Index (May): Slower growth? Several of the regional manufacturing surveys showed signs of slowing in April. Today’s Empire State report—the earliest reading on May activity—could help determine if growth in the sector stepped down again this month.
Median forecast (of 44): +19.7; last +21.7.
9:00: TICS net inflows (March).
Median forecast (of 4): +$32.6bn; last +$26.9bn.
9:00: Federal Reserve Chairman Ben Bernanke on “Innovation, Research, and Development: The Government’s Role”. No Q&A.
10:00: Housing Market Index (May): Likely still low.This index remains in the mid teens, where it has been for most of the past three years. This month, most forecasters expect a one-point increase to 17 from 16 previously.
Median forecast (of 37): 17; last 16.
16:00: Daily Treasury Statement with Friday's complete bond settlement released. Total debt subject to the ceiling expect to breach the top either today, or due to delayed settlement tomorrow at the latest.