The Week Ahead
Key U.S. economic reports due out this week will cover real GDP for the second quarter (the consensus forecast is for a massive 35% contraction), personal income & spending, consumer confidence, and Chicago PMI.
- On Monday, the Census Bureau reported durable goods orders increased 7.3% month-on-month, beating the 6.4% consensus forecast.
- Also on Monday, “Senate Republicans rolled out a roughly $1 trillion coronavirus relief bill proposal, launching a mad dash to reach a deal with Democrats on expiring unemployment payments and other aid disputes in the parties’ rival plans. The Republican plan cuts the current federal $600 weekly unemployment supplement to $200 a week through September, when the payment will then combine with state benefits to replace 70% of previous wages,” the Wall Street Journal reports.
- Investors will be paying close attention to this week’s Fed rate decision and statement. While rates are expected to remain on hold, markets will be paying close attention to any new monetary stimulus language, especially in light the Senate Republicans fiscal stimulus bill announced on Monday.
- In Europe this week we’ll get Euro zone updates on flash GDP, inflation, unemployment, and economic sentiment, while in Asia Japan reports on retail sales, unemployment & industrial production and China releases its CFLP Manufacturing PMI report.
- On Wall Street, tech giants Apple, Amazon, Facebook, and Google-owned Alphabet are release quarterly reports this week.
- Please be safe and have a great week!
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