by Calculated Risk on 9/17/2022 08:11:00 AM
The key reports this week are August Housing Starts and Existing Home sales.
The FOMC meets this week and is expected to raise rates 75 bp.
10:00 AM: The September NAHB homebuilder survey. The consensus is for a reading of 47, down from 49 in August. Any number below 50 indicates that more builders view sales conditions as poor than good.
This graph shows single and total housing starts since 1968.
The consensus is for 1.445 million SAAR, down from 1.446 million SAAR.
During the day: The AIA’s Architecture Billings Index for August (a leading indicator for commercial real estate).
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
The graph shows existing home sales from 1994 through the report last month.
Housing economist Tom Lawler expects the NAR to report 4.84 million SAAR.
2:00 PM: FOMC Meeting Announcement. The FOMC is expected to raise the Fed Funds rate by 75bp at this meeting.
2:00 PM: FOMC Forecasts This will include the Federal Open Market Committee (FOMC) participants’ projections of the appropriate target federal funds rate along with the quarterly economic projections.
2:30 PM: Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for an increase to 218 thousand from 213 thousand last week.
11:00 AM: the Kansas City Fed manufacturing survey for September.
No major economic releases scheduled.