FYI | Sep 22 2007
By Greg Peel
Withe the 50 point cut in the bag attention now turns to just what the Fed might do at the next scheduled meeting. The bad news is that FOMC meetings are not a monthly event, and thus we will have to endure another extended 0/25/50 debate all the way to October 31. (Thereafter December 11). This will certainly give the committee plenty of time to review the wealth of economic data released in the meantime, and this week kicks us off with plenty of grist for the mill.
Not the least important will be September consumer confidence to be released on Tuesday, along with the Richmond Fed manufacturing index. August existing home sales should also make for a good read, along with August durable goods orders.
On Thursday we get August new home sales, and the now distant and largely redundant figures for second quarter GDP (annualised) and second quarter personal consumption. Friday could be fun for young and old as we digest August personal income, consumer spending, and the core PCE deflator (an alternative inflation measure), along with the Chicago purchasing manufacturers index for September and the Michigan U consumer confidence index for September.
Australia is actually devoid of official releases this week, however we do learn the TD Securities/Melbourne Institute monthly inflation gauge on Friday. We do, however, have the release of the RBA Financial Stability Review on Monday, and the deputy governor will entertain us with his thoughts on Tuesday.
Elsewhere in the world it’s a similarly unremarkable week. The BoJ releases the minutes of its rate decision (no change) meeting on Tuesday and the August Japanese CPI comes out on Friday, as does EU September consumer confidence.
Results season stragglers in Australia this month are WorleyParsons (WOR) on Tuesday, and David Jones (DJS) and Nufarm (NUF) on Wednesday.
