by Calculated Risk on 6/18/2022 08:11:00 AM
The key reports this week are May New and Existing Home Sales.
Fed Chair Powell provides the Semiannual Monetary Policy Report to Congress on Wednesday and Thursday.
8:30 AM ET: Chicago Fed National Activity Index for May. This is a composite index of other data.
The graph shows existing home sales from 1994 through the report last month.
Housing economist Tom Lawler expects the NAR to report sales of 5.35 million SAAR for May.
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
9:30 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
During the day: The AIA’s Architecture Billings Index for May (a leading indicator for commercial real estate).
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 225 thousand down from 229 thousand last week.
10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the Committee on Financial Services, U.S. House of Representatives
4:30 PM: The Fed will release the annual Bank Stress Tests results.
This graph shows New Home Sales since 1963. The dashed line is the sales rate for last month.
The consensus is for 580 thousand SAAR, down from 591 thousand in April.
10:00 AM: University of Michigan’s Consumer sentiment index (Final for June). The consensus is for a reading of 50.2.