FOMC Meeting, New & Existing Home Sales, Durable Goods
Equity markets across the globe are in sell-mode this morning, leading the US futures market to point to a lower opening while the US dollar is showing strength. Stocks in Europe are more than half a percentage point lower, while shares in Hong Kong and Japan closed down 0.70% each. The exception in Asia is China’s Shanghai Index, which posted a modest 0.15% rise as the nation’s Central Committee reiterated that a proactive fiscal policy and moderately loose monetary policy would be maintained.
The main event this week will be the Federal Reserve’s two-day monetary policy meeting beginning Tuesday. In terms of policy not much is expected, but investors want to read the central bank’s description of the economy.
Data this week should confirm that people are purchasing new and existing homes as prices stabilize. Durable goods should also point to normalization, and consumer sentiment should inch forward. Few are expecting jobless claims to moderate though, so for the average consumer the “end of the recession” could be meaningless for months to come.
Key Releases This Week:
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