Monetary policy will be squarely in focus this week with new policy statements due out from the Federal Reserve, Bank of England, and Bank of Japan. All three central banks are expected to keep rates on hold for now (please see the Economic Review section below for more details).
In addition, the European Central Bank “…holds its annual forum in Sintra, Portugal — for investors, a must-watch powwow among central bankers, academics, and economists on ‘monetary policy issues,’” the Financial Times reports. (Editor’s note: if you haven’t been to Sintra, Portugal, you should really go.) On the U.S. economic calendar, aside from the Fed meeting investors will be paying attention to housing market data, regional manufacturing reports, initial unemployment claims, and leading economic indicators. The consensus forecasts are for modest increases in housing starts & building permits in May, along with an uptick in existing home sales (5.3 million units SAAR). Have a great week and don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights!