Biz Buzz: A daily update on economic and business news
Archive: A comprehensive listing of Biz Buzz columns
A big reason the Federal Reserve Board chose not to raise interest rates last week was that the cooling housing market appears to be slowing the economy. This week, Wall Street finds out just how cold the housing market has become, with the release of new data on home sales in August. Meanwhile, after last week's meeting, several Fed officials are due to hit the lecture circuit—and be peppered with questions about whether the Fed is done raising rates for the year.
Monday, September 25:
EXISTING-HOME SALES: The National Association of Realtors will release figures for existing-home sales in August. In July, sales of such homes fell more than 11 percent from the same period last year. Expect more of the same in this morning's report. Realtors are forecasting a drop in home prices this year as demand is slowing.
EARNINGS TO WATCH: Walgreen
Tuesday, September 26:
CONSUMER CONFIDENCE: The Conference Board will release the latest results of its closely followed consumer confidence survey.
Wednesday, September 27:
NEW-HOME SALES: The Commerce Department will release the August sales figures for newly constructed homes. Pay particularly close attention to the inventory of new homes on the market. In July, the stockpile of new homes grew to 6.5 months' worth, up from 4.2 months a year ago.
FED SPEAK: Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, will share his thoughts on the nation's monetary policy in a Nebraska speech.
Thursday, September 28:
GDP: The federal government is scheduled to update its preliminary estimate of second-quarter economic growth. Uncle Sam's preliminary forecast showed that gross domestic product, the broadest measure of economic activity, grew at an annual rate of 2.9 percent in the spring.
FED SPEAK: Cathy Minehan, president of the Federal Reserve Bank of Boston, is scheduled to speak at a banking conference in Warsaw, Poland.
EARNINGS TO WATCH: Family Dollar
Friday, September 29:
CONSUMER SENTIMENT: The University of Michigan will unveil the latest results of its closely watched index of household sentiment.
FED SPEAK: Chicago Fed President Michael Moskow and St. Louis Fed President William Poole are both slated to deliver economic speeches today.
