Good morning. There are four important pieces of economic data out today.
Here they are, from Calculated Risk:
• At 8:30 AM ET, the Consumer Price Index for June. The consensus is for a 0.3% increase in CPI in June and for core CPI to increase 0.2%.
• At 9:00 AM, the FHFA House Price Index for May. This was original a GSE only repeat sales, however there is also an expanded index. The consensus is for a 0.3% increase.
• At 10:00 AM, Existing Home Sales for June from the National Association of Realtors (NAR). The consensus is for sales of 4.99 million on seasonally adjusted annual rate (SAAR) basis. Sales in May were at a 4.89 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 4.96 million SAAR.
• Also at 10:00 AM, the Richmond Fed Survey of Manufacturing Activity for July. The consensus is for a reading of 5.5, up from 3 in June.
Of these, the one you really want to watch is CPI, since one of the big questions is whether inflation is picking up. If it is, then the Fed might be pressured to hike interest rates sooner.
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