Last week saw 23 releases with pretty much an even split between beats and misses.  Homebuilder sentiment was the only release on Monday; coming in unchanged from the prior month but also missing forecasts.  Manufacturing data on Tuesday came in somewhat mixed. While Durable goods were weaker, Capital goods were unchanged.  As expected, the FOMC did not change rates but their more dovish tone on Wednesday was a major shift.  The Philly Fed came in very strong on Thursday thanks to strong shipments, although more forward-looking internals were weaker.  To round out the week, much like other global Flash PMIs, the US releases for both service and manufacturing PMIs were weaker than expected.

Things are slightly busier this week with 30 releases.  The Chicago Fed’s National Activity Index kicked off the week this morning coming in at -0.29 versus expectations of -0.38.  The Dallas Fed’s Manufacturing Activity Index was also just released showing some weakness coming in at 8.3.  The Richmond Fed and Kansas City Fed counterparts will be released later in the week.  In addition to several manufacturing releases, this week will have a heavy slate of housing data with FHFA and Case-Shiller Home Prices on Tuesday alongside Housing Starts and Building Permits.  Pending and New Home Sales will also be released later in the week.  Thursday we will get the third and final release of Q4 GDP figures which are expected to come in slightly lower.

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