Financial Markets Summary For The Week of June 23-27The upcoming week will be dominated by the publication of the FOMC monetary statement on Wed. Later that night Vice-Chair Donald Kohn will be addressing an ECB monetary conference, which will be closely watched by markets on both sides of the Atlantic to ascertain if the growing rift between the Fed and ECB is becoming wider. The week will be framed by the release of consumer confidence estimates for the month of June by the Conference Board (Tuesday) and the University of Michigan (Friday). Wednesday will see the release of the durable goods and new homes sales reports for May. Thursday will see the publication of the weekly jobless claims series, the final estimate of the Q1'08 GDP and the existing home sales report for May. The week will conclude with the personal expenditure and PCE deflator for May.Fed TalkThe week of June 23-27 will see a light week of Fed talk, as is custom in advance of FOMC meeting. On the 25 th both Vice Chair Kohn and St. Louis Fed President Bullard will speak at an ECB conference on monetary policy. Given the increasing divergence in monetary policy by the Fed and the ECB, global markets will be closely monitoring Mr. Kohn's late evening address in front of an European audience to ascertain if the Fed and the ECB will continue to move in different directions and estimate the possible dislocation in markets if that distinct possibility comes to pass.Safe Haven | Merk Economic Calendar: Week Ahead In US Financial Markets (June 23-27 2008)
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