Welcome to “The Week Ahead” where each Friday we take a moment to provide our thoughts on what we can expect in markets and the economy for the upcoming week.
Congratulations to the Los Angeles Dodgers for making it to the World Series for the first time since 1988!
The LA Dodgers weren’t the only exciting thing that we saw this week, as the Dow Jones Industrial Average index closed above 23,000 for the first time. 2017 so far has seen the Dow break 20,000 (January), 21,000 (March), and 22,000 (August). What a year! This week was also a “Fed” week, as the Beige Book was released and news came through that President Trump met with Fed Chair Janet Yellen as he comes to a decision soon on either renewing Yellen to a new term or nominating another candidate. The current favorites besides Fed Chair Janet Yellen are his chief economic advisor, Gary Cohn, former Fed Governor Kevin Warsh, Fed Governor Jerome Powell, and Stanford University economist John Taylor.
The first look at U.S. GDP for the third quarter will be released next Friday and expectations have been lowered due to the multiple hurricanes that we saw during the quarter. After a strong second quarter report, 3.1% (annual), investors will be looking to see if that momentum was carried through the third quarter similar to what we saw back in 2016.
Data deck for October 21 – October 27:
|
Date |
Indicator |
Period |
|
October 24 |
Richmond Fed Survey |
October |
|
October 25 |
Core Capital Goods Orders – Prelim. |
September |
|
October 25 |
Durable Goods Orders – Prelim. |
September |
|
October 25 |
FHFA House Price Index |
August |
|
October 25 |
New Home Sales |
September |
|
October 26 |
Advanced Goods Trade Balance |
September |
|
October 26 |
Initial Jobless Claims |
September |
|
October 26 |
Pending Home Sales |
September |
|
October 26 |
Kansas City Fed Survey |
October |
|
October 27 |
U.S. GDP – Advanced |
Q3 |
|
October 27 |
Personal Consumption |
Q3 |
|
October 27 |
U. of Michigan Consumer Sentiment – Final |
October
|