Overview: Fri, July 29

Time Indicator/Event Comment
08:30GDPRebound in Q2 - annual revisions also due
08:30Employment cost indexYOY growth rate due to tick up
09:30Williams (FOMC non-voter)On what's left in the Fed's policy toolkit 
09:45Chicago PMISolid reading in July
10:00U. Michigan cons. sent., lateModest rebound from early July level
13:00Kaplan (FOMC non-voter)Q&A at community bankers' meeting

Intraday Updates

US Economy

  • Economic Indicator Preview for Friday, July 29, 2016

    This week’s most important economic indicators come out at 8:30 this morning.  We look for a 2.8% increase in GDP in Q2, and we expect the YOY growth rate of the employment cost index to jump well above 2% in the June report.  Also due today are the Chicago PMI at 9:45 and the final July consumer sentiment survey from the University of Michigan at 10:00.

This Week's MMO

  • MMO for July 25, 2016

    While the FOMC won’t raise rates at its July meeting, the economic data due out at the end of this week should bolster the case for a rate hike at the next meeting in September.  The year-over-year growth rate of the ECI should improve, and GDP should be strong enough on the surface to meet the FOMC’s growth requirements.  This week’s calendar also includes new “advance” estimates of business inventories that are designed to take a little of the guesswork out of the initial GDP report for each quarter.

Federal Reserve Commentary

MMO Analysis