What's coming up
The main event on the economic calendar today is the US new home sales report for August. Like autos, home sales are at the intersection of pandemic shifts, prices rises, supply chain and customer sticker shock.
In autos, we've seen a dramatic slowdown in buying while some of the same has crept into housing. Home builders cut forecasts for this year despite sky high margins, simply because they couldn't source the parts and labor. How deep that cut goes is up for debate but today's new home sales data (consensus: 7.00m) will give us another clue.
Otherwise, it's all about Fed talk.
At 08:45 US ET Cleveland Fed President Loretta Mester is scheduled to speak virtually before the Ohio Bankers League "Bouncing Back in the Post-Pandemic Economy" 2021 CEO Symposium
At 10:00 at ET Kansas City Fed President Esther George to speak on the economic and monetary policy outlook before virtual American Enterprise Institute event
Also at 1000 ET, a discussion panel on a virtual "Fed Listens: Perspective on the Pandemic Recovery" event with
- Federal Reserve Chairman Jerome Powell (to give opening remarks)
- Federal Reserve Board Governor Michelle Bowman
- Federal Reserve Vice Chair Richard Clarida
At nooon ET Atlanta Fed President Raphael Bostic speaks on "From Policy to Progress: Partnering to Create Equitable Community Development" and participates in moderated question-and-answer session before Lincoln Institute of Land Policy event.
And, on Saturday, New York Fed head John Williams will offer a presentation on International Coordination of Monetary Policy Strategies before virtual Swiss National Bank Research Conference 2021.
For more, see the economic calendar.
