Nearly all agree, though, that the Fed has more to do in terms of easing. The data calendar over the next two weeks has something for everyone, and while no report can be singled out as key, each is an important piece of the puzzle. The following week's calendar is just as critical with income and consumption, regional and national purchasing managers' surveys, vehicle sales, construction spending, and payrolls. Unfortunately, MMS Survey medians continue to reflect mix of conflicting signals that have confounded the search for a bottom in this slowdown. Housing should hold up fairly well, with the medians for new and existing home sales little changed from the relatively healthy priors.
Consumer sentiment remains perhaps the biggest wild card.
It is expected to dip four points to 114.0, but these data are as capricious as the sentiment they measure. The Fed is widely expected to cut rates further. The McGraw-Hill Companies Inc. All rights reserved.