Action Economics Survey results:
Action Economics Survey results: it's all about the Fed next week. No one anticipates any action on rates, yet. But, nearly all forecast at least a 25 bp easing by the end of Q3. The underperformance of inflation will keep the FOMC with an easing bias near term while they monitor the real economy, financial conditions, and geopolitical risks. Next week's calendar includes June manufacturing PMIs from NY and Philly regions, along with some housing stats. Survey Medians show some deterioration in the two manufacturing indices, with the Empire State projected slipping to 10.5 and the Philly Fed at 11.5. Housing starts for May, however, are expected to edge up further to a 1.240 M unit pace, which would be a third straight monthly gain. And existing home sales are expected to rebound to a 5.250 M rate.