July 24th, 2023

What You Need To Know For The Week Ahead

During the week of July 24, the economic data on the calendar will be overshadowed by the significant attention focused on the FOMC meeting scheduled for Tuesday and Wednesday. 

Although there is widespread expectation of a 25 basis point increase in the fed funds target range, raising it to 5.25-5.50 percent, it is essential to note that this is not a guaranteed outcome. 

While the Federal Reserve policymakers have made it clear that they remain committed to combating high inflation, they are also closely monitoring the economic data before making any definitive decisions.

Tuesday – 10:00 am EST – Consumer Confidence – The forecast is that consumers are even more confident than before.  The report is expected to show a reading of 112.1, which is greater than the previous report’s 109.7 reading.  If consumer confidence is high, they are more likely to spend money on Consumer Discretionary items.

Wednesday – 2:00 pm EST – FOMC Announcement / Press Conference – The market is expecting to see the Fed push the Federal Funds Rate higher by another 0.25 basis points.

Thursday – 8:30 am EST – Advance GDP – Quarter over Quarter growth for GDP is expected to report at 1.7%.  An unexpected increase could help move the markets higher, while an unexpected decrease in GDP growth will likely drag the markets lower.

Thursday – 8:30 am EST – Unemployment Claims – Claims have remained steady over the last four weeks and the market is expecting this week to stay within that range.  The market is expecting to see 236k new claims, which would be within the four-week range of 228k – 248k.  

Friday – 8:30 am EST – Core PCE Index – This report measures the change in the price of goods and services purchased by consumers, excluding food and energy.  While the previous month came in at 0.3%, this month the market is looking for a slightly lower number at 0.2%.

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Jeff Wood

Editor, Filthy Rich Dirt Poor
Coach, Options Testing Lab

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