This Weeks Agenda

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What is on the agenda for this week? Date Time (ET) Economic Release Actual Market Expects Prior 26-Aug 8:30 AM Durable Orders - -5.00% 3.90% 26-Aug 8:30 AM Durable Goods -ex transportation - 0.60% -0.10% 27-Aug 9:00 AM Case-Shiller 20-city Index - 12.00% 12.20% 27-Aug 10:00 AM Consumer Confidence - 77 80.3 28-Aug 7:00 AM MBA Mortgage Index - NA -4.60% 28-Aug 10:00 AM Pending Home Sales - 0.20% -0.40% 28-Aug 10:30 AM Crude Inventories - NA -1.428M 29-Aug 8:30 AM Initial Claims - 330K 336K 29-Aug 8:30 AM Continuing Claims - 2969K 2999K 29-Aug 8:30 AM GDP - Second Estimate - 2.10% 1.70% 29-Aug 8:30 AM GDP Deflator - Second Estimate - 0.70% 0.70% 29-Aug 10:30 AM Natural Gas Inventories - NA 57 bcf 30-Aug 8:30 AM Personal Income - 0.10% 0.30% 30-Aug 8:30 AM Personal Spending - 0.30% 0.50% 30-Aug 8:30 AM PCE Prices - Core - 0.20% 0.20% 30-Aug 9:45 AM Chicago PMI - 53 52.3 30-Aug 9:55 AM Michigan Sentiment - Final - 80 80 We have a huge week that is packed full of big-time economic reports, Treasury auctions and more Fed-Speak. This morning's Durable Goods Orders was much weaker than expected (-7.3% vs consensus estimates of -3.0%).  This weaker data is very positive for MBS and we would have rallied even more if the prior reading wasn't improved from -3.0% to +3.9%). Of course GDP will get center stage as we get our second revision for this number. Treasury auctions this week: 08/27 - 2 Year Note 08/28 - 5 Year Note 08/29 - 7 Year Note - most important.