Here are 4 things on the economic calendar next week (Nov 17-21) that could roil markets.
1. The minutes of the Oct 28-29 FOMC meeting on Wednesday
The Fed ended QE3 and upgraded its assessment of employment market while maintaining it would keep rates low for a ‘considerable time’. There was some concern about lower inflation.
2. Keystone XL pipeline drama
The Senate will vote on Keystone XL and a positive result would force Obama to either approve the pipeline or veto it. Drama either way with the loonie hanging in the balance. More on Tuesday’s Senate vote on Keystone XL here.
3. US Oct CPI data on Thursday
Inflation has quickly overshadowed employment as the key indicator for the Federal Reserve. Signs of wage growth are tepid and the trend is lower in inflation, especially as gasoline prices continue to fall. The early consensus is for a 1.6% y/y rise from 1.7% in Sept.
4. Housing data
The third week of the month is always full of housing data and how homeowners are doing will be in focus beginning Tuesday with NAHB builder sentiment, followed by housing starts on Wed and existing home sales Thurs.
