Over the April 18th and April 22nd week, Monday is likely the only day of the week on which we will hear from monetary policymakers as we are about to enter the self-imposed FOMC blackout period. Of the scheduled speakers, NY Fed President William Dudley should garner the most attention as his views have been closely aligned with Chair Janet Yellen’s. The Fed meets again on April 26-27. There will be no press conference and updated forecasts will not be released.
The Fed will not have the Q1 GDP data, but policymakers will go into the meeting assuming that Q1 growth was weak. In terms of this week’s economic data, they are mostly on the residential housing marke with the National Association of Homebuilders’ (NAHB) housing market index, March housing starts and building permits and existing home sales. Also we will keep an eye on weekly jobless claims and the Philadelphia Fed index is expected to remain in positive territory for the second consecutive month.