TD Securities analysts point out that coming off the heels of June's FOMC meeting, Chair Powell and Vice Chair Williams will both speak today and will be a key event for today.
“We don't anticipate the Fed Chair to deviate significantly from Wednesday's dovish script, however he could provide additional color on the Fed's shift. Williams may reveal where he lies on the dot plot and could give indication of where his reaction function stands.”
“New home sales are expected to advance 1.8% m/m in May to 685k, up from 673k in the month prior. The improvement would suggest the housing sector continues to gradually mend in line with improving mortgage applications.”
“Moreover, the Conference Board's consumer confidence index is expected to have eased marginally in June to 131.0 following a notable jump to a strong 134.1 level in May; while the Richmond Fed manufacturing survey should show a decline in June, matching the downbeat readings from other regional surveys.”
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