This Week: New home sales, Fed minutes, Macy’s results
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BAROMETER
The Commerce Department issues its April tally of new U.S. home sales Tuesday.
Economists forecast that sales slowed again last month to a seasonally adjusted annual rate of around 750,000 homes. That would be the slowest sales pace since October and the fourth consecutive decline. Sharply higher borrowing costs are straining the limits of affordability for many would-be buyers.
New home sales, seasonally adjusted annual rate, by month:
Nov. 753,000
Dec. 871,000
Jan. 845,000
Feb. 835,000
March 763,000
April (est.) 750,000
Source: FactSet
CLOSE-UP ON THE FED
The Federal Reserve releases minutes from its most recent policymakers' meeting Wednesday.
At the meeting earlier this month, the central bank intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point — its most aggressive move since 2000. The Fed’s goal is to cool spending — and growth — by making it more expensive for individuals and businesses to borrow.
A GOOD START?
Wall Street expects that Macy’s kicked off its latest fiscal year on a good note.
Analysts predict the department store chain’s earnings and revenue increased in the February-April period versus the same quarter last year. Macy’s returned to a profit and posted higher revenue last year despite challenges from inflation to supply chain disruptions. Macy’s delivers its fiscal first-quarter report card Thursday.