While tomorrow arguably hosts the week's most important economic report, today wins in terms of sheer volume and variety. We get almost every flavor of potential market mover, including relevant econ data, a Treasury Auction, and even several Fed speakers. To top it all off, it's neither a Monday or a Friday, hence less likely to be a summertime dud in terms of market participation (yesterday was quite light).
Markets have housing data in focus to a greater extent than normal given recent indecision as to 2014's overall trajectory. Basically, housing metrics were suppose to improve more than they have so far, which gave the Fed enough pause to specifically mention it in the official policy Announcement. Then things like yesterday's strong Existing Home Sales data happen, and he consensus is called into question.
In other words, markets are still trying to get a sense of 2014's housing reality. Is it flat and at risk of declining? Is it able to make slow/steady progress despite Fed tapering? Does the apparent progress belie the sort of progress needed to help the economy create jobs? Each new piece of housing data helps answer that question. Today's is New Home Sales at 10am, expected to come in just a bit higher than last month.
Consumer Confidence is out at the same time--also a potential market mover. Before that, Case Shiller and FHFA provide their read on house prices. At 1pm, the week's Treasury auction cycle begins with 2yr notes. These typically don't move markets, unless the auction is absolutely stellar or awful.
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