A series of U.S. economic indicators scheduled for release on Tuesday will provide fresh insight into the housing market and consumer sentiment, two key areas the Federal Reserve has cited in assessing policy direction.
Building permits for July are expected to rise to 1.443 million from 1.374 million the prior month, according to consensus forecasts, while new home sales are projected to edge down to 620,000 from 628,000. The S&P CoreLogic Case-Shiller 20-city home price index is forecast to accelerate to a 1.9% annual gain from 1.6%, reinforcing a broader trend of stabilizing but still elevated housing costs. The Conference Board’s consumer confidence index is anticipated to dip slightly to 90.3 from 90.8.
Additional housing-related releases include the S&P CoreLogic Case-Shiller national home price index, projected to increase 0.2% month-over-month, and the Federal Housing Finance Agency’s monthly house price index, which is expected to moderate to 0.2% from 2.2%. The Richmond Fed’s manufacturing and services activity gauges are also due, with the manufacturing index forecast at 7 versus a prior reading of 5, while the services index remains in contraction at -3.
Energy markets will also draw attention with the American Petroleum Institute’s weekly crude stock report, following last week’s 0.328 million barrel drawdown. Treasury markets will monitor the 2-year note auction, where the previous yield stood at 4.315%, while broader monetary conditions will be reflected in the latest U.S. M2 money supply figure, currently at $23.15 trillion.
The data arrives as investors assess the timing and scope of potential Federal Reserve rate adjustments, with housing affordability and consumer resilience remaining focal points for policy deliberations.
