New Home Sales for December are expected today at 10:00 AM EST to increase to a 298,000 annual pace, after increasing to an annual pace of 290,000 homes in November with a median sales price of $213,000 and an average sales price of $268,700.
Crude inventories are expected today at 10:30 AM EST. For the week ending January 14, U.S. commercial crude oil inventories had increased by 2.6 million barrels from the previous week to 335.7 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 14.3 million barrels per day during this period, 389 thousand barrels per day below the previous week’s average. U.S. crude oil imports were averaging 9.0 million barrels per day, up by 104 thousand barrels per day from the previous week.
The FOMC Policy Statement will be released today at 2:15 PM EST, which will conclude the 2 day meeting of the Board of Governors. The topic for discussion is the Fed’s Beige Book, which indicated that economic conditions had continued to expand moderately from November through December. Boston, New York, Philadelphia, and Richmond reported that conditions were improving. Minneapolis continued its moderate recovery while San Francisco’s economy firmed further. All other districts reported modest to moderate increases in economic activity. The manufacturing sector continued to recover across all Districts. Conditions were generally said to be better in retail and nonfinancial services sectors than in financial services. Residential real estate markets remained weak across all Districts while commercial construction was subdued. In the last policy statement released on December 14, the FOMC had decided to maintain the federal funds target rate within a range of 0 to 0.25%.
Upcoming Releases
New Home Sales (01/26 at 10:00 AM EST)
Crude Inventories (01/26 at 10:30 AM EST)
FOMC Policy Statement (01/26 at 2:15 PM EST)
Initial Claims (01/27 at 8:30 AM EST)
