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What to Watch: November FOMC Minutes, Existing Home Sales

US TSYS
  • Tuesday's data schedule kicks off with Chicago Fed Nat Activity Index and Philly Fed Fed Non-Mfg Activity at 0830ET followed by Existing Home Sales at 1000ET.
  • No scheduled Fed speakers today, but focus is on the FOMC meeting minutes for November at 1400ET.
  • The Minutes will be scrutinized for further insight into how participants viewed the impact of tighter financial conditions on the outlook, particularly given that they were added to the Statement as a factor that was "likely to weigh on economic activity, hiring, and inflation". (MNI's review of the November meeting is here.)
  • Treasury auctions continue: $26B 2Y FRN re-open and $75B 41D bill CMB sales at 1130ET, $15B 10Y TIPS re-open (91282CHP9) at 1300ET.
  • Reminder: shortened Thanksgiving holiday week: full session Wednesday sees weekly claims, durables/cap-goods and UofM conditions/inflation expectations., Thursday close, Friday early close. Exchange links to follow.

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