The economic calendar is relatively light following the long holiday weekend, but Wall Street will get a key inflation update. This follows the June Federal Reserve meeting, where new Fed Chair Kevin Warsh and the rest of the Federal Open Market Committee opted to keep interest rates unchanged as higher energy prices create upward pressure on inflation.
Economic reports we're watching
Thursday, June 25: Personal Consumption Expenditures Price Index (PCE) and core PCE: Inflation is a hot topic these days and the May PCE data showed that the rate of price growth remains elevated.
Read on to see the entire weekly economic calendar of the most important upcoming economic reports scheduled to be released in the next several days. At times, we provide expanded previews and recaps for select reports.
Please check back often. This economic calendar is updated regularly. Bolded reports are those considered more noteworthy. All reporting times are in Eastern Time.
Monday (6/22)
There are no noteworthy economic reports scheduled for release on Monday, June 22.
Tuesday (6/23)
Time released |
Economic report |
Period |
9:45 am |
S&P Global Flash Manufacturing Purchasing Managers Index (PMI) |
June |
9:45 am |
S&P Global Flash Services PMI |
June |
Wednesday (6/24)
Time released |
Economic report |
Period |
10 am |
New home sales |
May |
Thursday (6/25)
Time released |
Economic report |
Period |
8:30 am |
Weekly jobless claims |
Week ending June 20 |
8:30 am |
Personal Consumption Expenditures Price Index (PCE) |
May |
8:30 am |
Core PCE |
May |
8:30 am |
Gross domestic product (third estimate) |
Q1 |
8:30 am |
Durable goods |
May |
8:30 am |
Personal income and spending |
May |
May PCE gave Wall Street the latest look at inflation
Inflation readings have come in higher than expected recently as the extended conflict in the Middle East kept energy prices elevated.
While a recently signed peace plan has oil prices back down to levels not seen since the war started, the impact on inflation is likely to continue for the time being.
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We got the latest price-growth figures Thursday with the release of the May PCE and core PCE, the Fed's preferred measure of inflation.
According to the Bureau of Economic Analysis (BEA), the PCE rose 0.4% from April to May and was 4.1% higher from the year prior.
Core PCE, which excludes volatile food and energy prices, was 0.3% higher month over month and up 3.4% year over year.
"Oil prices are heading lower but the inflation problem remains, as core PCE is up 3.4% since last year and showing no signs of abating," says Sonu Varghese, chief macro strategist at Carson Group. "This isn't about energy and tariffs either, as AI-related bottlenecks are also pushing inflation higher."
Varghese believes that the Fed's job only gets harder from here, especially as the labor market continues to improve. "But we think the committee will avoid rate hikes this year as a majority wait for inflation to pass, allowing the economy (and markets) to run hot."
Futures traders, however, expect the next move to be a rate hike. According to CME Group FedWatch, betting odds are for the Fed to raise the federal funds rate by a quarter percentage point by year's end.
Friday (6/25)
Time released |
Economic report |
Period |
8:30 am |
Wholesale inventories |
May |
10 am |
University of Michigan Consumer Sentiment Index (revised) |
June |
Reporting schedules are provided Forex Factory and MarketWatch.
