What to watch: Fed, jobs report and the buffalo wing indicator?

Yahoo Finance

Next week will be huge for the big-macro picture. Tuesday and Wednesday mark the FOMC meeting and statement, real GDP for the second quarter is released at 8:30am ET on Wednesday and July employment numbers come out at 8:30am ET on Friday. Yahoo Finance’s boldest and brightest joined Lauren Lyster to discuss and preview some of the biggest events of the last week in July.

Jobs Report: “We got a nice fourth of July surprise to the upside,” says Yahoo Finance’s Shibani Joshi. “We've got the best five-month streak of job creation since 2006.” And economists expect that trend to continue. A Bloomberg survey projects 230,000 jobs were added in the month of July and the unemployment rate is expected to hold steady at 6.1%.

“We just need this to keep riding out,” says Joshi.

GDP: Second-quarter advanced GDP will be released this Wednesday. Yahoo Finance Senior Columnist Michael Santoli expects a big snapback to growth after the surprising first quarter decline. “The consensus for the first read is just somewhere under 3%,” he says. “Some people are looking for well up into the 3% zone, but I don’t think the exact number matters that much as long as we do get a relatively forceful snapback.”

FOMC Meeting: “Don’t expect much in terms of Fed rhetoric,” says Santoli. He thinks we’ll get a canned statement from Yellen.

The Buffalo Wing Indicator? “I’m going to be checking out Buffalo Wild Wings,” says Yahoo Finance’s Jeff Macke. “Because that’s where actual Americans go to eat when they have discretionary income… after Chipotle came in so strong this week, I want to see if that continues - then we’ll have two strong restaurant chains making money no matter what the economy says.”

“That to me is your economic indicator for the next five days,” says Macke.

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