Action Economics Survey results
Action Economics Survey results: outlooks on the FOMC's policy path continue to evolve, both from the Fed's and the markets' perspective. Though the Fed continues to see the erosion in price data as transitory, several officials have voiced concern and have suggested a delay in further rate hikes, especially as balance sheet unwinding is coming into view. Meanwhile, the markets have been pricing out risk for another rate hike this year. And, this week's Survey shows no one forecasting any action at the July 25, 26 meeting, with only slightly more than a handful of participants projecting an increase at either the September or November meetings. Upcoming data will help both the FOMC and the markets fine-tune projections. May durable orders, income and consumption highlight next week. Median estimates point to a 0.6% slip in durable orders, and gains of 0.3% and 0.1% for income and consumption, respectively. The following weekÃ¢Â€Â™s calendar includes nonfarm payrolls, which are seen rising 175k in June. Such figures likely would not alter perceptions that the FOMC is on hold for now.