ISM non-manufacturing index and factory orders:
10:00: ISM non-manufacturing index (November): Steady. Goldman forecasts that the non-manufacturing ISM index was about unchanged at 53.0 in November. At its current level, the index has been historically consistent with GDP growth of around 1.75%. Watch for further signs of disinflation in the report’s prices paid measure.
GS: 53.0; Consensus: 53.8; Last 52.9. MAP: 3
10:00: Factory orders (October): GDP implications? The already-released durable goods report suggests that total factory orders likely declined in October— Goldman forecasts a 0.5% month-over-month drop. Revisions to durable goods shipments or news on inventories could affect our bean-count estimate of Q4 GDP growth.
GS: -0.5%; Consensus: -0.3%; Last +0.3%.
11:00: POMO #1: The Open Market Desk will buy nominal Treasury coupons in the 08/15/2022 - 02/15/2031 maturity range.
11:30: Treasury will auction a combined $56.0 billion of 3- and 6-month bills to raise $3.003 billion.
12:10: Chicago Fed President Charles Evans on the economic outlook and the Fed’s dual mandate.
14:00: POMO #2: The Open Market Desk will buy nominal Treasury coupons in the 12/31/2017 - 11/15/2019 maturity range.
Source: GS, SMRA and ZH