Correction: An earlier version of this story incorrectly stated the Federal Reserve's most recent policy meeting was July 18-19, not June 18-19. This version has been corrected.
As markets digest Friday’s big jobs report, this week’s economic news will turn to the Federal Reserve and a smattering of economic data, including on wholesale inflation.
The Fed issues consumer credit data for May, which analysts expect to show a sharp rise. Forecasters expect to see a $13 billion increase in the volume of credit card and other loans that American consumers have outstanding for the month, up from an $11.06 billion rise in April. Such an increase suggests that consumers are becoming more confident about taking on debt — and that more lenders are willing to give it to them.
A big day for Fed news. At 2 p.m., the central bank releases minutes of its June 18-19 policy meeting. That was the session of the Federal Open Market Committee that led Chairman Ben Bernanke to say the central bank expects to begin slowing its monthly pace of bond purchases later this year. His remarks prompted a sharp increase in expectations that interest rates would rise, causing a sell-off in bond and stock markets. It also prompted, the following week, a deliberate backtracking by several Fed officials, who suggested markets misinterpreted their comments and that their easy-money policies will remain in place for some time. Look to the minutes for further efforts to clarify the tone of the conversation among Fed officials at the meeting.
Wednesday afternoon, Bernanke is scheduled to deliver a speech at a conference in Boston, where he is to address “The First 100 Years of the Federal Reserve: The Policy Record, Lessons Learned, and Prospects for the Future.”
Weekly data on initial jobless claims is out. The number is projected to fall to 335,000, a drop from 343,000.
The producer price index, which measures wholesale inflation, is expected to show a rise of 0.5 percent in June. But excluding food and energy, that inflation measure is expected to be up only 0.1 percent, reflecting few upward price pressures. For the last year, total producer prices are expected to be up 2 percent.
Also out, the University of Michigan consumer sentiment index. It is forecast to rise slightly, to 84.8 from 84.1.