In the final week of October, the economic data may have a little trouble keeping market attention as the November 2 - 3 FOMC meeting nears. None of it is likely to sway opinion that further easing in policy is on the way in the form of large-scale asset purchases, but should the numbers on housing and consumer confidence be stronger than expected, it will add an element of uncertainty.
For most financial markets, the data on the housing market will probably dominate the week with existing homes set for release on Monday and sales of new single-family homes on Wednesday. Home prices data includes the S&P/Case-Shiller Home Price Index and the FHFA House Price Index on Tuesday.
Consumer confidence is struggling to regain ground in the last few months. The onset of the election season with its attendant heightening of uncertainties in regard to the future will make it difficult to see any improvement in overall conditions. The Conference Boards Consumer Confidence Index is due on Tuesday, and the final Reuters/University of Michigan Consumer Sentiment Index is due on Friday.
The manufacturing sector will get another look at October with...read more
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