Week of May 20 through 24
US Calendar: Housing and manufacturing are the focus this week. National manufacturing declined in April with early regional numbers on the negative side. Anther regional reports post this week from the Kansas City Fed with Markit PMI also being released. But durables orders will be a key update. The housing starts report for April was mixed with starts down and permits up. The April data for existing and new home sales will get extra attention. Also, FHFA home prices for March may suggest whether more homeowners are coming out of being below water and bringing more supply onto market. Finally, Fed minutes for the April 30-May 1 meeting will be released. Debate has heated up on how much and when to adjust quantitative easing. There likely will be more detail on this issue.
Global Calendar: The Bank of Japan meets this week but no major policy moves are anticipated. Flash PMIs for May are on tap for the U.S., the Eurozone, Germany and France. On Wednesday, the Eurozone will hold a summit — no major initiatives are expected.