What to Watch Friday: Housing Starts, Fedspeak, and Harris Speech
Housing Data Release
The July housing starts and building permits report is due out tomorrow, with economists expecting a rise in both metrics. Housing starts are a measure of new home construction, while building permits are a measure of future construction activity.
Key Points:
- Housing starts are expected to increase from 1.58 million units in June to 1.6 million units in July.
- Building permits are expected to increase from 1.69 million units in June to 1.7 million units in July.
- A rise in both metrics would indicate continued strength in the housing market, despite rising interest rates.
Fedspeak
Federal Reserve Chair Jerome Powell is scheduled to give a speech tomorrow at the Fed's annual economic symposium in Jackson Hole, Wyoming. Investors will be closely watching Powell's speech for any hints about the Fed's plans for future interest rate hikes.
Key Points:
- Powell's speech is likely to focus on the Fed's assessment of the economy and the outlook for inflation.
- Investors will be looking for any signals about the pace and magnitude of future interest rate hikes.
- Powell's speech could have a significant impact on the financial markets.
Harris Speech
Vice President Kamala Harris is scheduled to deliver a speech tomorrow on the economy. Harris is expected to focus on the issue of rising costs, particularly housing costs.
Key Points:
- Harris is likely to call for increased government spending on affordable housing.
- She may also propose policies to increase the supply of housing and reduce construction costs.
- Harris's speech could provide some insight into the Biden administration's plans for addressing the issue of housing affordability.
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