A Giant Preview of This Week's Economic Data

The two main events in the coming week are the April FOMC meeting and the initial look at first-quarter GDP growth, although there is a smattering of other noteworthy economic releases also scheduled. Consumer confidence (Tuesday) and unit motor vehicle sales (Friday) should provide greater clarity on the extent to which consumer spending will build upon decent gains in March. The Employment Cost Index (Thursday) will provide a more comprehensive update on wage inflation at the start of the year. Finally, the Chicago PMI and the manufacturing ISM will be scrutinized for evidence as to whether the factory sector is being further depressed by strong-dollar headwinds.

The Fedspeak docket is quiet until after the conclusion of the FOMC meeting. Governor Daniel Tarullo will be the first to speak when he addresses a community banker forum on Thursday morning. Cleveland Fed President Loretta Mester (non-voter) and San Francisco Fed President John Williams (voter) are both scheduled to speak the following day. The post-meeting speeches will give policy makers the opportunity to clarify any market misperceptions of the official communique.