Investors will scrutinize changes to the description of the economy for hints on the likely timing of liftoff after policy makers all but ruled out an interest-rate increase at this meeting.Wednesday:
Expectations for the first increase since 2006 have shifted out to September from June as the economy weakened in the first quarter ...
Inflation: Signs that consumer prices are stabilizing following a rebound in oil costs could encourage policy makers to tweak their language on inflation. ...
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
• At 8:30 AM, Gross Domestic Product, 1st quarter 2015 (advance estimate). The consensus is that real GDP increased 1.0% annualized in Q1.
• At 10:00 AM, Pending Home Sales Index for March. The consensus is for a 1.0% increase in the index.
• At 2:00 PM, FOMC Meeting Statement. No change to policy is expected.
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