Key data releases this week include: pending home sales (Wed), Q4 GDP revision, personal income and spending (Fri), and consumer sentiment (Fri.)
Haver
March 22, 2017
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices remained unchanged during January following a 0.4% December increase and a 0.6% November improvement. From January 2016 to January 2017, the home price index rose a somewhat lessened 5.7%. During the last three months, however, the 4.2% annualized rate of increase was its weakest since June, and roughly half the rate of increase this past summer.
Haver
March 22, 2017
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February, and reversed January's increase. Expectations had been for 5.590 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes fell 3.0% last month (+5.8% y/y) to 4.890 million units, and also reversed the January rise.
The Independent
March 20, 2017
Bloomberg
Monday, March 20, 2017
March 20, 2017
Reuters
March 19, 2017
Financial Times
UK Prime Minister Theresa May will formally begin the Brexit process March 29, sources said. The move has prompted investment banks to make concrete plans to shift some operations out of London, with Dublin and Frankfurt, Germany, emerging as popular alternative venues.
Reuters
March 23, 2017
A European Central Bank economic bulletin indicates robust eurozone growth in the first quarter, prompting it to claim that recovery is becoming more apparent. However, the ECB cautions that numerous political uncertainties could affect continued growth.
Deutsche Welle/Agence France-Presse/Deutsche Presse-Agentur
March 26, 2017
German Chancellor Angela Merkel's Christian Democratic Union has a strong lead in election results from Saarland state. The vote signals Merkel in a good position for re-election.
MNI
March 22, 2017
A majority of the Bank of Japan's board members anticipate domestic spending picking up and retail prices rising, according to minutes from a January policy meeting. Most board members said tightening labor market conditions will probably drive wages higher, according to the minutes.
Barron’s
March 27, 2017
The decision to set aside the AHCA means that tax reform will be taken up immediately. That might lead to a speedier outcome, since Trump’s ability to push it through would be only moderately compromised by having cut his losses early and shifting the blame for the defeat to congress.
Barron’s
March 27, 2017
Jason Trennert of Strategas Research Partners notes that on his checklist of nine factors that precede a market top, only one – slowing upward earnings revisions – is currently flashing red. As a result, any drop resulting from Trump’s failure to pass the health care bill should be short lived.
PIMCO, March 2017 Outlook
We are now more confident in our baseline view that the nearly eight-year-old global expansion will be strengthening and broadening over our cyclical horizon. While back in December we forecast 2017 GDP growth averaging 2.5% - 3.0%, we now expect growth to be in a 2.75% - 3.25% range this year.

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