As Congress continues its debate on budget policy and debt limits this week, a slew of new housing data will be released and several Federal Reserve presidents are scheduled to give speeches.
The presidents of three Federal Reserve banks are scheduled to speak today: Atlanta’s Dennis Lockhart and New York’s William Dudley in New York, and Dallas’s Richard Fisher in San Antonio.
First up in this week’s housing news: Standard & Poor’s Case-Shiller releases its home price index for July. Analysts expect to see that prices rose at an annual rate of 12.4 percent in July. In June, the rate of increase slowed to just over 12 percent, as rising mortgage rates forced some home buyers out of the market.
The Federal Housing Finance Agency releases its home price index for July at 9 a.m. That index is expected to rise 0.8 percent from the previous month, after a rise of 0.7 percent in June.
The consumer confidence index for September is expected to drop to 80, from 81.5 in August.
Kansas City Fed President Esther George and Cleveland Fed President Sandra Pianalto are scheduled to speak in Chicago.
The Census Bureau releases data on durable goods orders at 8:30 a.m. After a drop of more than 7 percent in July, orders are expected to show a 0.5 percent gain in August.
New-home sales data for August come out at 10 a.m. Sales are expected to increase by 6.6 percent, after a drop of more than 13 percent in July, the biggest decline in more than three years. As with home prices, new-home sales took a hit because of rising mortgage rates.
Another revision to the country’s second-quarter growth rate is due out this morning. Analysts expect it to remain virtually unchanged, at 2.7 percent from 2.5 percent.
Pending home sales figures for August are to be released at 10 a.m. Sales are expected to drop by 1 percent from a month ago but rise 6.8 percent compared with a year ago. In July, sales were up 8.6 percent from a year ago.
Minneapolis Fed President Narayana Kocherlakota is scheduled to speak in Michigan.
Personal income data for August are due out at 8:30 a.m. Experts forecast that Americans’ income rose by 0.4 percent in August, compared with 0.1 percent in July. The slow pace of income growth remains a concern in the economic recovery. Spending is projected to have increased by 0.3 percent in August, up from 0.1 percent in July.
Chicago Fed President Charles Evans is scheduled to speak in Oslo about monetary policy.